Blimey
.450/400 Nitro Ex
I just took last year's income, took the $24k standard deduction we'll use for next year, ran it through the 2018 tax tables, then subtracted the $2k per child tax credit (and for 2018 it will phase out at $400k for a married couple instead of $110k), and my taxes are actually going down meaningfully.
I was against the plan at first because most of us won't be itemizing anymore due to how it changes things, but particularly if you still have kids at home the new child tax credit goes a long way.
I know portions of this plan (and having kids at home) are only semi-temporary, but I dare say a lot of people even in NY are going to be happy when they start seeing the IRS tax guidelines hit their paychecks this month (yes, this month, withholding is going to change by your payroll department in most cases), and that hope will be confirmed next year when they file 2018 taxes and realize they paid less than 2017.
I was against the plan at first because most of us won't be itemizing anymore due to how it changes things, but particularly if you still have kids at home the new child tax credit goes a long way.
I know portions of this plan (and having kids at home) are only semi-temporary, but I dare say a lot of people even in NY are going to be happy when they start seeing the IRS tax guidelines hit their paychecks this month (yes, this month, withholding is going to change by your payroll department in most cases), and that hope will be confirmed next year when they file 2018 taxes and realize they paid less than 2017.
