The big unknown with this tax bill, is how the states will react. My adjusted gross income goes up substantially because of the elimination of the personal exemption, but my child tax credits offset this - but only at the federal level.
However, at the state level (in Minnesota), I get no child tax credits. This means I suddenly have a 10% increase in my AGI (with no corresponding increase in gross income to show for it) that will suddenly be taxable at the state level, because state taxes are keyed off of federal AGI.
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The big unknown with this tax bill, is how the states will react. My adjusted gross income goes up substantially because of the elimination of the personal exemption, but my child tax credits offset this - but only at the federal level.
However, at the state level (in Minnesota), I get no child tax credits. This means I suddenly have a 10% increase in my AGI (with no corresponding increase in gross income to show for it) that will suddenly be taxable at the state level, because state taxes are keyed off of federal AGI.