I benefit because I am married, do not itemize and won't need to with the standard deduction going to $24,000, and now qualify for a child tax credit. I was disqualified before because we made more than $110K.
3,800 cut for me
Too crude to get a precise number, but it states on average a $120 tax increase. Looking at our estimated taxable income for 2018, it looks to be a bit more than that, in the $400-500 range for a tax increase.
I wonder how it affects a person who is considered self employed making less than 5k annually. No other income.
$3020 for my family. That is about $250 extra per month.
Mine will probably go up a little. But, if the lower corporate rate is long-term good for the economy, I’ll benefit on the market side eventually, so it’s either a wash or a modest plus over time.
I sure wish they would get rid of the individual AMT, though. All of those deduction rules that you try to keep track of during the year waste your time when you do the AMT calculation and it results in the same or slightly higher taxes.
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Well, good for you!
This might not be the proper forum for you to brag about your annual income.
That’s not a real calculator, and being liberals, the authors couldn’t resist sticking in some bias against those evil wealthy people.
“Some behavior changes could be significant: The bill creates a huge incentive for high earners to reclassify some of their wages as business income, for example.”
How is Capital Gains calculated on selling real estate ?
Can’t find anywhere in the new tax bill.
7500 for us!
They should allow all the current and new deductions and whichever way a person benefits the most, they should be able to set up their taxes that way.
Luckily the IRS won’t change the withholding tables until February, so every taxpayer will be able to immediately compare before and after tax rates (but not the changes in deductions).
$760 cut for me. But its the NY Times, so I will take it with a grain of salt.
how is that a calculator? A series of little dots doesn’t tell me ANYTHING after I answered all the questions with precise esitmates.
The IRS ans the states will re-jigger the numbers in the tax columns so it is a wash or an increase.
The main thing is the reduction of corporate rates to about 20%. That will make a much bigger difference than Joe Blow, the bottle top stamper, in Salt Lake City saving $388 on taxes.
No one should put stock in any predictions that the NY Slime makes.
I would get a roughly $2,150 cut in taxes, since I would take the SD instead of itemizing — my items would be significantly less than 12,000.
Again, I would get a significant take-home payraise. Supposedly.