Posted on 12/02/2017 6:36:12 PM PST by RKBA Democrat
As the Senate advances on its tax-cut bill while House Republicans have passed their version, MarketWatch has the calculator to show how the bills would potentially impact your finances.
The legislation, called the Tax Cuts and Jobs Act, cuts individual tax rates and slashes corporate taxes, among other things.
But not everyone’s a winner. The mortgage-interest deduction is limited, and state and local income tax deductions are zapped in both the House and Senate plan. The plan from the upper chamber also eliminates the state and local property tax deduction.
The calculator includes the new rates and child-tax credit unveiled by the Senate Tuesday night. It’s only meant to give a look at what happens in the first year after enactment, as the individual tax rates are set to sunset.
(Excerpt) Read more at marketwatch.com ...
The calculator is embedded in the article.
I was very pleasantly surprised.
Not so good for me.
I like this one better - http://taxplancalculator.com
My wife and I pay about the same. Time for me to retire. She’ll never retire.
I “think” our tax bill will be cut by a lot, maybe $1000. We will not need the property tax deduction. It did not help last year and our income is the same.
Confirms my gut feeling. My taxes would go up somewhat.
I’m going up and I proud about it. I want to pay my fair share.
It’s a good SWAG. Looks like I’ll be helping those poor Goldman-Sachs owners out. I guess I’ll have to look at the corporate pass-through rates before I decide how to file. More money to the accountant—so much for simplifying the code.
This plan sucks when you consider that a flat or fair tax was seriously possible. This isn’t about Trump: Republicans are cowards and liars.
The tax savings for us is a drop in the bucket when compared to the Obamacare tax.
According to the calculator, House plan I save $3400. Senate plan $2600.
There are a lot of issues nobody has mentioned, such as how qualified dividends will be treated and how foreign tax paid will be credited.
“I want to pay my fair share.”
You need to see a doctor.
Thanks for posting. Small tax cut for me but then I am retired. Surprisingly the Senate version cuts my taxes more.
this bill helps this year...not sure down the road...
I don't like it one bit..for the record..
Same for me
Interesting. That version takes which into account which state you live in. I still save taxes but on this calculator I save more with the House version than the Senate version. That result is reversed on the calculator posted in this article.
We are all proud Americans.
I’m sitting in front of a roaring fireplace.
I have a cord of wood next to the house.
I want to care, but I can’t.
I’m gonna party with 5k.
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