Get Big Tax Breaks for 2022 by Acting Now

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2. The near doubling of the standard deduction wasn't all "gift" - it was mostly offset by the loss of

the personal exemption. (Dependent exemptions were also lost, but somewhat made up for by the doubling of the child tax credit).

For single people, had the Trump tax cuts (TCJA - Tax Cut and Jobs Act) not passed, the standard deduction would have been $6,500 in 2018, and the personal exemption would have been $4,150.

The TCJA nearly doubled the $6,500 standard deduction to $12,000, an increase $5,500.

But the personal exemption that would have been $4,150 in 2018 was/is no more.

So based on just these two factors, and with no dependents, one's taxable income decreased by $5,500-$4,150 = $1,350.

Double all of the above for married filing jointly.

For me, I got screwed because both before and after the TCJA, I itemized. So, basically my taxable income increased by the lost exemption: $4,150.

But a benefit for many people who used to have to go through the work of itemizing (or leaving money on the table if they don't) is that they no longer have to go through all that work with the nearly doubled standard deduction.