The Republican Party's Tax Reform Deserves to Die

Correction, 12/21/2017: The piece originally said that If you have children under the age of seventeen, while you're getting an additional $1,000 per child, you're losing their personal exemption, which was worth $4,050 per child. (So you're still short by $2,050, per child.) It has been amended to while you're getting an additional $1,000 per child tax credit, you're losing their personal exemption, which shielded $4,050 from taxation per child. (So you're still slightly short of what you used to be. New system = $2,000 tax credit per child. Old system: $1,000 tax credit plus $4,050 personal exemption = $2012.50 in a 25 percent bracket.)Also, the piece originally said Let's say you're a single man with no children at the top of that bracket, making $77,400. Now that you've lost your $4,050 personal exemption, the difference between your old exemption and your new tax-bracket savings is a negative $2,299.50. It has been amended to Let's say you're a married couple with no children at the top of that bracket, making $77,400. Now that you've lost two $4,050 personal exemptions, the difference between your old exemption (in a 25 percent tax bracket) and your new tax-bracket savings is a negative $274.50.* * *