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The Tax Cuts and Jobs Act passed in December, 2017, eliminated any personal exemptions ($4,050 per...

The Tax Cuts and Jobs Act passed in December, 2017, eliminated any personal exemptions ($4,050 per preson) but increased the standard deduction to $12,000 for single filers and $24,000 for joint filers beginning in 2018 compared to $6,350 and $12,700 respectively in 2017. Ignoring any other changes made by the new tax law (and there are other important changes such as expansion of a child tax credit), what would the threshold for having any taxable income for a family of two adults and three dependent children be in 2018 compared to 2017? (Hint: the threshold in 2017 was the standard deduction for a married couple with five personal exemptions.)

Show work.

A) The threshold went down by about $9,000

B) The threshold went down by about $5,000

C) The threshold was unchanged.

D) The threshold went up by about $5,000

E) The threshold went up by about $9,000 - standard deduction for an individual.

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