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Tax-Plan Gold vs. Shaft

JOSEPH CANNISI
Posted 11/13/17

The GOP tax plan reminds me of the old joke in which two brothers are notified that their distant uncle passed away, leaving one brother a gold mine and the other the shaft.

So who ends up with which? Let’s start with those who get the shaft. The first “shafted” group are families with more than one child who do not itemize deductions. Current tax rules provide a personal exemption of $4,050 per person ($12,150 for a family of three) plus a standard deduction of $12,700, for a total write-down of $24,850 on adjustable gross income (AGI) for joint filers with one child.

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