It is anticipated that the GOP tax reform will be become law this afternoon. In anticipation of that I was doing some last minute 2018 tax planning as it applies to deductions.
Currently my joint return (for 2017) shows a reduction in AGI of 23,300 (Standard deduction plus personal exemptions). Media reports say that the joint 2018 Standard deduction will double to 24,000 and the personal exemption is eliminated. By my calculation (for me) that is a net change of 700 dollars (+3%), not 12,000 (+100%).
Whether or not the standard deduction doubles or not is insignificant, what matters is the change between AGI and Taxable Income for those of us who do not itemize or have to decide whether to itemize of not.
Is there something I'm missing in the status of reduction of AGI in 2018 that would cause me to (for example) prepay charitable contributions or property tax?
I'm not sure how to do this, but the answer to this question is provided in another SE question specifically: Stack exchange question - elimination of additional Std. Deductions