Looks like I’ll be saving some $$$, if this is accurate.
Thank you, I save $2770 or $2444.
We lose $200-400.
This calculator doesn’t have 401k or equivalent, fsa/hsa, employer payroll medical deductions and a number of other things.
Will need a new one next week LOL!
They’ll sweeten it slightly for individuals in conference IMO.
Pretty similar results to what I have seen in other calculators poster here on FR. I plan to retire early in the next year or two and have built our retirement so that I can throttle our income to what ever is most beneficial to us. Under obumbercare, I can get almost fully subsidized. Medical was the biggest unknown.
I expected to have an increase while I am still working and then benefit once retired. At my current $250k, we do not itemize because we do not owe any money to anybody and our property tax is low. I’ll save $6k to $7k. Then only about $1k after I retire. This is much better then I expected.
Thanks for posting. Could be more money back in my pocket with both House and Senate plan. I’m single, and don’t itemize deductions...have only pension and social security. It would be nice, but won’t hold my breath waiting.
Learn something everyday.
Question:
If I run a micro business do I use Gross or AG for this calculator?
I think this calculator is bogus because even when I started making up numbers and each time it said my savings were 0.
I lose over $2k with either version.
Why are there no calculators for C-Corps and S-Corps?
Like these don’t exist? Or just the lower-echelon ones don’t matter?
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.
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.