It depends on what tax-avoiding strategies you use.
My taxable income is about $65K, and I would end up paying 50-100% more Federal tax.
This isn’t tax reform. It’s deductible reform.
At present, crude calculations have me down $5K to $7K, but of course, I live in CA.
A lot of screaming going on here in New Jersey, very little of it at the tax and spend mentality of the legislature which make those write-offs critical to many of us.
Eliminate the IRS
As I just posted in another thread, this doesn’t look like Trump’s tax plan, it looks like the swamp’s tax plan.
I knew it would happen, what Trump proposed was good, but once the politicians and lobbyists got their hands on it, we get the typical crap we always get.
I think Trump should veto it and tell them start over and do it right this time.
As I posted a few minutes ago on another FR article:
As far as I am concerned, I hope this phony tax reduction bill goes down to defeat. It is pure Ryan and RINO crap.
Help me to understand such nonsense as charitable contributions remaining a tax deduction but medical expenses would no longer be deductible. In other words voluntary contributions are OK but medical costs which are mandatory to maintain one’s health will no longer be OK?
We donate substantial money each year to charities, and we incur substantial medical bills each year. It seems totally illogical that a voluntary donation is OK but a necessary medical cost is not.
As a upper middle income household I have calculated that based upon the proposed changes, had they been in effect for 2016, our Federal income taxes would have been higher.
IRS money goes to the queen of England and resides in the Stewart trust. There is something to verify. How much do you think the royal family will give our US taxpayers?