New tax law

Now that the new tax law has passed here is a comparison between 2017 and 2018 Married couple with two children filing joint with a family income of $60,000 2017 $1,865 tax due 2018 $0 tax due savings of $1,865 With family income of $120,000 2017 $15,470 tax due 2018 $11,135 tax due savings of $4,335 With family income of $240,000 2017 $46,064 tax due 2018 $40,415 tax due savings of $5,649 These examples are all using the standard deduction. Others who itemize can still deduct home mortgage interest on loans up to $750,000 and they can still deduct state income tax and property up to $10,000. This takes care of most middle income people. In Minnesota even the family with $120,000 income would pay about $5,000 in state income tax and this leaves $5,000 for property tax which means a $600,000 home, not exactly middle income.