Certainly a family of 4 earning a combined $60k will see a decrease in their taxes. Without regard to which state they reside in.
And almost as certainly a family of 4 with a combined income over $100k which itemizes their deductions will see an increase in their taxes...no matter which state they reside in.
Silly me. I used to think "middle class" reached up to $250k combined income.
Sadly those folks are going to get hammered.
Of course the taxes paid is important but freeloaders have to go first.
Wonderful. How much? Will more people be completely untaxed now?
Read my lips Part 2?
So, the same peoole hammered by ACA, will be taxed even more.
Taxes need to go down for everyone, or the tax increases will offset some or all of the tax cuts.
If the goal is to get more money into the private sector, then there should be no offsetting tax increases for any segment of the populace or businesses.
BOHICA
Some tax cuts, the rich do well, the poor do well, the middle class bears the burden. How wonderful.
And I'll bet he can't guarantee that taxes won't go down for the top tier of taxpayers either.
“President Donald Trump’s top economic adviser, Gary Cohn, said today that he can’t guarantee that taxes won’t go up for some middle-class families under the administration’s sweeping tax overhaul.”
So when we say “tax reform,” it depends what the meaning of is is.
In California and other states where the cost of living is halfway to the next solar system, I’m sure $250K is middle class-but here in Texas and some southern states, that is well into being an upper class income-the local dentist out here is married to the owner of the ranch store-and they don’t even make $250K between them-so it is all about where you live. I’ll be more than happy to see working class people like me and my neighbors keep more of OUR money...
Taxes will always go up.
Those in the $250,000 will see a decrease from 39 to 35%. The $60,000 family will be fortunate to see a few dollars back.
like every tax bill, this one merely rearranges the deck chairs on the S.S. Leviathan.
scratchin my head why what state you live in should make a difference ?
Horrible headline. But they’d better be careful to lower not raise taxes. Or the political ( and economic) damage will be HUGE!
Half the country pays no or a negative federal tax rate. That’s the problem coupled with out of control spending
Sorry folks, if you live in California and are taxed at ridiculous levels you don’t get to hold that back from the Federal government anymore. Pay your fair share! If you don’t like that you are paying crazy high taxes in California then change your government or move. This is an easy argument to make. Reasonable governments shouldn’t have to subsidize the unreasonable ones.
Just over $100k they might see an increase if the live in CA, NY or NJ but ones in the $155k-$400k range should see a fairly large cut even in those states for *most* but not all. It all depends on the cut-offs for the 12/25/35 rate and whether or not personal exemptions stay in (I believe they will even though currently supposedly not) for the $100-$150k range though. State/local taxes and interest (encouraging debt) should have never been deductible anyway. My guess is fewer than 5% of Americans will see a tax increase - all with very heavy deductibles.
A family of four making $50k doesn’t pay significant (if any) taxes now. The point of conservative tax reform should be to ensure that everyone has sufficient exposure to be incentivized to reduce expenditure, not make even more people pay no net tax.
From what I’ve seen, most of the people who will see their taxes hiked already live in “blue” states anyway. So maybe it’s time to move somewhere else.