If you're middle class (between $75k and $200k/yr) you are at high risk for a tax increase. These are the folks who itemize in every state, every Congressional district in the US. They are most often suburban, two income professionals with a mortgage.
The folks who almost always vote Republican.
Here is some info I got from Dave Brat over the weekend
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A side note: How Tax Brackets Affect You
With any big reforms like this there are many questions. Here is one that I received through my website this week:
“I am letting you know that my taxes would go up under the GOP tax plan. I was in the 33% bracket and now I fall into the 35% and will lose deductions.”
I thought I would address that question here as there are a lot of misconceptions and myths about how tax brackets work. Some people think that if they earn more money, they are pushed into a higher tax bracket for every dollar that they earn. They think they will pay more taxes and have less money left over than they would if they had worked less and earned less.
That is not true so I want to take a minute here to explain how tax brackets affect you. Of course, everyone’s situation is different but the basic rule is that working more and earning more does not change all the dollars in taxes you pay at the lower rates. For example, under the new plan a family of four pays 12% on all dollars up to $90,000 and a 25% rate on additional dollars up to $260,000.
Unless you are in the lowest tax bracket, you actually always have two or more tax brackets applied to your income, including the lowest brackets for your first earned dollars.
Use the calculator here to estimate what you may pay under the new GOP plan:
https://graphics.wsj.com/marketwatch/2017/trump-tax-calculator/?embed=1
And then compare that to what you pay under the current code:
http://www.bankrate.com/calculators/tax-planning/1040-form-tax-calculator.aspx
DC, here they go again, find the pea tax legislation. Will we ever learn?
Every day disgust for the Sewer Rats increases exponentially.