The true impact of the Republican tax proposal on the middle class can’t really be measured just yet. We do know it would create a new “family credit” and expand the child tax credit used by working families. On the other hand, the personal exemption taxpayers can now claim for themselves and each of their family members would disappear. And families would no longer be able to deduct what they’ve paid in state and local taxes from their federal taxable income. So when it comes to credits versus deductions, which one matters more for a typical household?
Click the audio player above to hear the full story.
There’s a lot happening in the world. Through it all, Marketplace is here for you.
You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible.
Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.