Helps, I’m currently in the top tax bracket.
Curious on how deductions will be addressed for individuals. Mortgage, education, etc.
Most of it sounds okay and yes, it may give my family some tax relief but....
I believe everyone who lives in this country should pay some fed, state and county/city taxes...a flat tax looks like the way to go...this isn’t a flat tax.
Helps. In fact, if it reduces taxes all around we might be able to pull off a one income household.
It would indeed reduce my taxes about 30%. More if I didn’t have to pay the Obamacare tax penalty in addition to any doctor bills.
Lowers mine 20%. :)
Only problem is, I wonder what it will look like when Congress gets through with it.
I would prefer a tax where everybody paid something.
Having the marriage penalty go away is nice though.
I'll take it.
On the surface, at 20% it appears to be a win for me, but I won’t know until I find out what deductions are going away. As always, the devil is in the details.
I appreciate the initiative of at least getting something out there... just need to see more details, so I’ll reserve judgment.
If the national minimum wage goes to $15/hr. full time workers will pay at least some taxes.
Need a flat income tax say 10% and everybody pays.. No deductions!!! Businesses pay nothing.. Only the wage earners CEO president etc!!
I predict any lowering of federal taxes will be offset by raising state and local taxes. Then at the end of 8 years when our OCD nation does another 180 and puts socialist liberals in charge again, the fed taxes will go back up. Worse, they will add an international tax.
Looks like roughly 30% reduction for me.
For a large number of people, it is impossible to tell. What you have to look at is the effective tax rate, not the marginal tax rate. The effective rate is what you actually pay as a percentage of your income, and is affected by deductions, exemptions, tax credits, etc. Without knowing what deductions would be available, what exemptions would exist (if any), the number and size of any tax credits, etc., it is impossible to determine if anyone would be better off or worse off.
I have to assume based on what has been written so far that most higher income people would be worse off, as I believe a key part of the plan is to reduce or eliminate most deductions and credits. Thus, they may have a lower top marginal tax rate, but a lot more of their income would be subject to that rate, and they would have fewer credits to offset those taxes.
Unless spending is reduced, tax plans just shuffle the chairs on the US Titanic.
Part of why I’d win is that if it’s simple I won’t have to pay someone to do my taxes.
Win - on lower income tax bracket, capital gains tax reduction, and elimination of death taxes.
DOWN and I am willing to give up ALL of my deductions under this plan. Every stinking one of them.
If I spend money I want it to be for things I need and not because of tax advantages or other inducements.
I would defintely win.
I can live with it but I prefer the fair tax.
