Oh no. You’re gonna put me to sleep here.
How does an extra $2,000 sound?
What if I told you the standard deductions DOUBLE?! And, your tax bracket goes DOWN at the same time?!
Here’s a simple example for a single filer making $50,000 gross/year:
New dedcution: $12,000
Old tax bracket:15%
New tax bracket:12%
Let’s compare the 2 tax bills:
$50,000-6350=$43,650 is what you were taxed on at 15%=$6,548
$50,000-12,000=$38,000 is what you will be taxed on at 12%
Who couldn’t use another $2,000?!
Keep in mind that if you itemize, you could save even more. This was a very simple 1040EZ type example.
Source:Kiplinger’s March 2018