Posted on 12/03/2017 3:05:35 PM PST by richardb72
Find what the GOP tax plans mean for YOU. A simple calculator that is easy for everyone to use.
Lose $448. I’ll take that as an incentive to blame the state & local Californicating Spendocrats.
I lose $448 in house plan and $262 in senate plan.
Louisiana resident with 1 kid.
Saving $2000 per their calculation.
User error. I was looking at the current tax law number thinking it was the senate plan. I had a savings of around $1500 in both plans.
Well I hate to burst anyone’s bubble but their current tax on us is wrong wrong. It says we currently pay much less than we really do. That makes me suspect of the other calculations. But it says under the senate plan we will owe more. Why does that not surprise me. Knew we’d get screwed on this. We always do. Anyway I guess I’ll be sending a bigger check than the one I’ve been sending for years.
Thanks Republicans! And thanks Trump for signing it.....because he needs a win and will sign it. Not what I fricken voted for!!!!!
Is this for the 2017 taxes? I mean the ones that I already paid out in 2017?
$300 more or $1200 more (round numbers).
FGOPe.
I’ve always hated this kind of article, which the U.S. Snooze and World Report specializes in. “What X means for YOU.”
As long as the income tax is “progressive,” all attempts to make it less destructive will necessarily “give” bigger tax cuts to “the rich.” That’s the demonic thing about the “progressive” tax—ESPECIALLY as it is now, where half the people pay NOTHING (directly). It not only hurts EVERYONE by choking economic activity, and steals vast amounts of money, and is discriminatory and inequitable, but it contains its own built-in defense against change: Anyone who tries to soften or improve it can be smeared as “giving away billions to the rich, while the poor get nothing.”
We need to repeal the 16th Amendment. In the meantime, the goal should always be to get rid of all rates higher than 20%. If people were smarter and less envious, more people would favor “tax cuts for the rich.”
These “calculators” encourage people to focus on ME, ME, ME, rather than economic growth, which benefits practically everyone.
We nearly break even. Big whoop.
that’s the second time you’ve thrown around you $250,000 salary....
It’s not salary, It’s income. But my intent is informational.
It’s not salary, It’s income. But my intent is informational.
Does this apply to tax year 2017 or does it not take effect until 2018?
“We lose $200-400.”
ditto. and we’re low income!
Bfl
This is the best one yet - others haven’t shown all the possibilities and been so clean and simple.
Later
The amount you want to use with this and many of the other calculators out there is not your gross but your Adjusted Gross Income. This would be the Box 1 wages from your W-2 as that figure is your gross less your pre-tax deductions – 401k, FSA/HSA and Section 125 pre-tax health deductions.
Yup - assuming your income is fairly static each year, last year’s AGI would work fairly well.
Are these rates/deductions retroactive to 1/1/17?
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