Posted on 09/30/2015 7:17:25 PM PDT by SeekAndFind
Did my best with the limited information available to calculate how much Federal Taxes you would owe under Trumps plan.
Donald J. Trump’s Tax Plan
This information may be inaccurate and is not meant in anyway as legal or tax advice. Nor is this calculator an endorsement of any canidate by Money.Savvythis.com. This calculator was purely meant for educational purposes and may contain inaccuracies.
(Excerpt) Read more at money.savvythis.com ...
2) Choose whether filing as single or married.
HIT SUBMIT.
I did my daughter's income tax. She is a new college graduate with an income of $53,000 filing single.
According to Trump's tax plan,
The first $25,000 of income of a single person are not taxed.
Those making $25,001 to $50,000 filing single are taxed 10%
So, (50,000 -25,000 ) X 10% = $2,500.00
Incomes between $50,001 to $150,000 filing single are taxed at 20%
Therefore, (53,000 - 50,000 ) X 20% = $600.00
Total Federal Income Tax: $3,100.00 ( for a single person making $53,000 ).
The website also says:
Under the current tax code my daughter would owe the IRS: $9,043.50
Under Trumps plan she would save: $5,943.50 or 65.72%
CAVEAT: Donald Trump’s tax plan does not mention mortgages or property taxes ( whether or not they are deductible from the Federal taxes ).
There are deductions in there someplace...and we don’t know what they will be. He was specific that mortgage interest would still be deductible. You need a typical 1040 for 2018.
I put my stuff in and I do save. Now can he get this through Congress.....at the minimum it wouldn’t take effect until 2018.
I’d get rid of the earned income tax credit too.
I would save $40,000
Then there are business deductions...etc etc.
So Trump is giving you the bottom line...but you really don't have enough information.
That’s such a favorite of the gimme group. And they don’t even have to work...
I was watching FOX business the day it was announced and they all agreed he could get it through congress.
Why not make it just that simple? I would be for that. Think of trimming that could be done at the IRS.
Does anybody truly believe that Congress will do this? Does anybody believe they will give up the control they now have over the populace?
They will keep the IRS, they will expand the tax code even further, they will continue to put the stranglehold on every American until we are dead.
They have no will to do the right thing. Sorry, but I have seen this movie too many times and it ALWAYS ends the same way.
I’d get rid of the earned income tax credit too.
Agree 100%.
Never, they are to entrenched.
We will have to Torch the IRS, HR block and every CPA reliant on a BS tax code to get to something fair.
I am pretty sure I heard him say today that mortgage interest is still deductible.
I think there is no chance this specific plan would ever be implemented. In fact no candidates specific plan would ever get implemented because Presidents are not dictators and they have to work with untold numbers of Congress critters and there is give and take.
However this does show Trump’s intent and one can compare it against other candidates’ starting positions.
Trump has said the mortgage interest deduction will remain. He said it when he introduced his plan.
First thing I look at is the how much they took.
The bottom line tells me what I loaned them for free for year
I looked at my taxes for last year, and I paid just over $41,000 in Federal Income Taxes. So the beginning number in the calculator is incorrect.
Still, the savings represented by the Trump Plan would certainly be welcome in my house!
I get whacked by taxes every which way here in Illinois. State Income and Property Taxes are about another $16k, and then there's the 7.5% sales tax I pay on damn' near everything except food and medicine.
The ONE ISSUE I have with Trump's tax plan is that those making less than $50k/married pay ZERO tax.
That's bullshit. When I was making $50k and supporting my family (four of us) I was paying taxes so I think that's wrong.
Anyone who earns money should be paying taxes. Otherwise you've got no skin in the game. Trump's plan is just going to add MILLIONS more people who pay NO TAXES.
Bush did that with his tax cut moving 17 million people off the tax rolls and what happened? Deficits blew up and he did nothing more than enable the MOOCHERS to keep voting for their "free stuff" while those of us who work for a living are carrying their lazy asses on our backs!
Sorry, but Trump needs to fix his plan so that ANYONE who makes money PAYS TAXES. No taxes means you don't have a vested interest in this country's success. Bullshit.
I’d also get rid of payroll taxes
“Anyone who earns money should be paying taxes.”
Bingo. It should bottom out at 10%. E-v-e-r-y-o-n-e MUST have skin in the game.
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