ATTENTION PA 1ST CONGRESSIONAL DISTRICT CONGRESSMAN BRIAN FITZPATRICK IS A LIAR AND A CHEAT
Congressman Fitzpatrick (Fitz) has not refuted a claim by the NRCC that Scott Wallace wants to penalize families with more than 2 children. Mr. Wallace has vehemently denied this claim. A little research will show that Fitz is actually projecting his own faults to his opponent. Fitz voted in favor of the recent tax law claiming that it will bring home larger paychecks and help to move the economy at a faster pace. This man claims to be a lawyer and a CPA. Huh?
Let’s see how this works in the real world:
Old Tax law (Obama)
A family earning $ 100,000 with 2 children and claiming the standard deduction of $ 12,000 under the old tax law (Obama) would pay federal tax based on income of $ 72,000 ($ 100,000 — Std Ded $ 12,000 — 4 exemptions @ $ 4,000 or $ 16,000 = $ $72,000.
If the number of children are increased to say, 5 the taxable income drops to
($ 100,000 — SD $ 12,000 — ( $ 4,000 X 7) $ 28,000 = $ 60,000
The more exemptions, the lower the taxable income goes.
This method also reduces taxable income, and subsequently the tax should the taxpayer choose
New Tax Act (Trump)
Now, this same family earning $ 100k with 2 children will claim a standard deduction of $ 24,000 bringing their taxable income down to $ 76,000. $ 4,000 higher than the old law.
If the same taxpayer has 5 children this does not change at all
$ 100,000 -— $ 24,000 = $ 76,000.
It appears that no matter how you calculate it, under the new tax act, the more children you have
the larger the disparity in taxable income between the new law and the old.
Since our ole pal Fitzie voted for this law, he is well aware that the average American is getting royally screwed by this act.
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