Child Tax Credit 2018

We won’t know the full impact of swapping the Personal Exemption for a different Child Tax Credit until we see the final Bill that comes out of the current reconciliation session.

 

There are some websites that address the Child Tax Credit proposed, but the information is not encouraging. There has been very little information presented about the impact of removing the Personal Exemption and we can’t just assume that doubling the Standard Deduction will make up the difference for most taxpayers. If the following information is true, taxes won’t be simplified except for single minimum wagers. The following websites offer some insight:

 

http://www.eitcoutreach.org/blog/how-much-are-the-eitc-and-ctc-worth-in-2018/

 

https://www.fool.com/taxes/2017/12/04/2018-earned-income-tax-credit-3-limits-you-need-to.aspx

 

https://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit/eitc-income-limits-maximum-credit-amounts-next-year

 

http://www.savingtoinvest.com/child-and-kiddie-tax-credit-and-income-thresholds/

 

https://www.cbpp.org/research/federal-tax/house-tax-bills-child-tax-credit-increase-excludes-thousands-of-children-in-low

 

Norb Leahy, Dunwoody GA Tea Party Leader