Re: How Will Tax Reform Affect My Refund Next Year...
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The Standard Deduction nearly "doubles" but the personal exemption gets eliminated. Doesn't that mean that certain families will end up having more taxable income?


For example, we have $19k in itemized deductions and $8k for two exemptions in 2017, for a total reduction of $27k in taxable income, but with new "tax cut" plan, isn't my income reduced by only $24k, the new standard deduction?


Please explain to me how this is a tax cut, if my taxable income is going to be higher.

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