Level 8

Tax reform

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.