Reply To: The New Tax Law – 2018 – How it affects frum families

LC: The K-12 529 Account *did* make the final bill that’s on Pres. Trump’s desk today. The only last minute change to the 529 (that the Senate made, causing a re-vote in the House) was that it removed the home-schooling coverage from the 529; the K-12 coverage remains part of the new law’s final provisions.

GHD: The AMT was changed in the new law to affect much fewer taxpayers than in the old law. SALT’s $10k allowance was modified in the final bill Congress passed to cover both income taxes *and* property taxes. $10k should be sufficient to cover most middle class homeowners. Additionally, they save in the form of lower taxes from the other provisions of the law that lowers other parts of their taxes owed.

When you count the average family size you’re counting families that have X number of children but are still having more after you count the current average. Like that you might count an average of 5 or 6. If you only count families that have completed having children, the American Orthodox average is closer to 7 or 8. (Note that Chareidim are 75% of American Orthodoxy and Chasidim are approximately a majority, or close to it, of Chareidim. Visit Williamsburg or Lakewood one day and count the number of children per family. It isn’t hard to find those with 10.)