Here's a lovely bit of news I didn't find out until now.
You may have heard about the increase in the Standard Deduction for everyone. Going from $6,350 for individual and $12,700 for families to $12,000 and $24,000, respectively. I've been comforting myself, knowing that no matter what else, at least I'm at least getting that decrease in my taxes.
Not so fast...
They are also eliminating the Personal Exemption of $4,050 per person.

So my small family loses $12,150 in exemptions while only getting $11,300 in an increase in the Standard Deduction. I'll be paying $850 more in taxes.

A single person will be paying $1600 less in taxes (not $5,650 less as you'd expect). A married couple will pay $3,200 less. But give the couple one child and they only pay $150 less. A second child means they pay $2,900
more each year (as long as the children are under 17 and gets the additional $1000 in the child tax credit*). And they get hit with a $3,050 tax increase for each additional child.
The Mormons are going to love this.
The Los Angeles Times has a good break down on it. (The article is a couple of months old, but
Forbes seems to indicate the changes are still there.)
The bottom line, though, is if you thought the GOP tax cut was going to cut
your taxes significantly, look again. You may be surprised...
*As long as they are not poor, since the Child Tax Credit is limited to up to 15 percent of their income over $3000.