Posted on 09/28/2015 3:51:07 PM PDT by RKBA Democrat
I've been reading the articles and analysis on Donald Trump's tax plan. I've read several articles, and everyone has an opinion as to whether it helps the poor, hurts the poor, if it taxes people enough, whether it's conservative enough....blah, blah, blah.
I couldn't care less what the theoretical impact is on some hypothetical person that exists in someone's imagination. What I care about are MY taxes. I have yet to see any posts or articles where someone takes out their tax return and figures it out. So I did that. I took out a piece of scrap paper and figured it out. It took all of 5 minutes, including the time to find the calculator.
The result: using conservative assumptions my Federal income taxes will go down by 42%.
I LIKE Donald Trump's tax plan! I like it a lot!
Helps, I’m currently in the top tax bracket.
Curious on how deductions will be addressed for individuals. Mortgage, education, etc.
Most of it sounds okay and yes, it may give my family some tax relief but....
I believe everyone who lives in this country should pay some fed, state and county/city taxes...a flat tax looks like the way to go...this isn’t a flat tax.
Helps. In fact, if it reduces taxes all around we might be able to pull off a one income household.
It would indeed reduce my taxes about 30%. More if I didn’t have to pay the Obamacare tax penalty in addition to any doctor bills.
Lowers mine 20%. :)
Only problem is, I wonder what it will look like when Congress gets through with it.
I would prefer a tax where everybody paid something.
Having the marriage penalty go away is nice though.
I'll take it.
On the surface, at 20% it appears to be a win for me, but I won’t know until I find out what deductions are going away. As always, the devil is in the details.
I appreciate the initiative of at least getting something out there... just need to see more details, so I’ll reserve judgment.
If the national minimum wage goes to $15/hr. full time workers will pay at least some taxes.
I haven’t read anything on which or how much of deductions for individuals and businesses is being proposed. Is that info out yet?
Need a flat income tax say 10% and everybody pays.. No deductions!!! Businesses pay nothing.. Only the wage earners CEO president etc!!
I predict any lowering of federal taxes will be offset by raising state and local taxes. Then at the end of 8 years when our OCD nation does another 180 and puts socialist liberals in charge again, the fed taxes will go back up. Worse, they will add an international tax.
Looks like roughly 30% reduction for me.
For a large number of people, it is impossible to tell. What you have to look at is the effective tax rate, not the marginal tax rate. The effective rate is what you actually pay as a percentage of your income, and is affected by deductions, exemptions, tax credits, etc. Without knowing what deductions would be available, what exemptions would exist (if any), the number and size of any tax credits, etc., it is impossible to determine if anyone would be better off or worse off.
I have to assume based on what has been written so far that most higher income people would be worse off, as I believe a key part of the plan is to reduce or eliminate most deductions and credits. Thus, they may have a lower top marginal tax rate, but a lot more of their income would be subject to that rate, and they would have fewer credits to offset those taxes.
It’s a transitory migration step. Be patient. Trump already said he wants a flat tax. We will get there.
I saw some stories from Seattle that when the workers got their raises and found out that would lose some benefits, they wanted to work fewer hours.
Do you currently itemize deductions? If so, recalculate your tax burden without taking those deductions into account except for your mortgage. Would you still save the same? You can't just take your AGI from your last 1040 and change the rates, because the rates would be applied against a different, higher amount after removing the deductions.
Unless spending is reduced, tax plans just shuffle the chairs on the US Titanic.
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