Posted on 09/29/2015 7:33:13 AM PDT by the_boy_who_got_lost
I wrote a calculator to calculate what you would pay in income tax under Donald Trumps plan.
Thanks,
-Tim
Shortly I shall be adding what your current tax rate is vs. the Donalds.
—
“Give a man a fish, and he will eat for a day. Teach a man to fish and he will eat for a lifetime. Give a man someone else’s fish and he will vote for you.”
Doesn’t work for me. It comes back blank like original screen.
Yep, same for me. Blank
What browser and operating system are you using?
Works for me. But I think you are putting in ADJUSTED gross income, not gross income, right?
Thanks anyway, but I’m shooting for the 0% bracket.
IE and windows 7
Did the same thing in excel. simple. got the same numbers. you need to make the parallel calculator for current tax rates.
The taxable income under the trump plan will be higher though. No good way to compare apples to apples.
Need to have a calculator like the bank rate 1040 calculator for both cases. Only a few will be smart enough to use it though.
Okay, try it again...sorry about that. I shall be making improvements to it throughout the day.
One of the problems with the Trump plan is that (if I understand it) mortgage interest will go away. That will cause real estate prices to drop, which in turn will affect the value of a lot of mortgage based securities. Thinking back to 2008, it was doubts about the value of mortgage backed securities that were a big factor in the Great Recession.
It doesn’t work for $300K, but does for $299,999. (I test software for a living - LOL)
That looks like a massive tax cut for me. The Donald just keeps getting better and better.
from wall street journal, “All taxpayers would keep their current deductions for mortgage-interest on their homes and charitable giving.”
I don’t understand how anyone could advocate for a 0 bracket. If anyone pays income tax, EVERYONE should pay income tax. Trump could have elucidated the problem of people who vote for a living. If we must have an income tax, then we should have a flat tax and every one pays it who works.
yeah, I noticed it didn’t work for $150,000 but worked for $149,999
It depends on what happens for interest on rental properties. If they lose deduction also, then the balance is maintained between buying and renting. If renting keeps deduction but buying loses, then renting gains a cost advantage over buying.
FWIW, in an interview yesterday he said that mortgage interest and charitable deductions would stay.
I agree. All should pay something. or should they just lose the right to vote if they don’t pay something? lol. That would cause the left’s heads to explode.
Suggestion would be to put the exiting brackets in another calculator so you can compare side by side.
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