4 ms·
This is not accurate at all because it does not include things like the per-child tax credit which has a dramatic effect on the taxes you pay.
by teilo 9y ago
This is not accurate at all because it does not include things like the per-child tax credit which has a dramatic effect on the taxes you pay.
- ultrafilter 9y agoIndeed, the source code only considers tax brackets, the personal exemption, and the standard deduction. I've read of an increase of $650 in the per-child tax credit combined with the loss of the per-dependent personal exemption and an increase in the standard deduction. If your last $4333 of annual income is going to be taxed at rate of 15%, then a $650 credit is just as valuable as a $4333 deduction or exemption and thus slightly more valuable than the current $4050 personal exemption. Thus, contrary to this calculator, middle-class families with lots of kids will not get big tax increases.