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Trump tax calculator: Estimate what you may pay under the new plan
MarketWatch ^ | Nov 3, 2017 | By MarketWatch News Graphics

Posted on 11/04/2017 6:33:58 PM PDT by Jim Robinson

The House 'Tax Cuts and Jobs Act' has been released. Here are the core elements of the plan.*

(Excerpt) Read more at marketwatch.com ...


TOPICS: Front Page News; News/Current Events; Politics/Elections
KEYWORDS: 115th; housetaxplan; taxes; trumptaxcuts
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To: wise_caucasian

Standard deduction means nothing to someone who itemizes and sends the IRS a check or gets a small refund, because they know how much to have withheld that they are not giving the government an interest free loan all year.

If you have a mortgage, pay tuition, pay state sales taxes, and have a couple of kids that you claim as exemptions, you will be paying a LOT more.

The GOP MF’s want to mess with struggling middle class families but give corporations a huge tax cut windfall that won’t trickle down in any meaningful way to wage slaves.

Big business is writing this bill, NO WAY is this good for the middle class, and if you finally make it to the upper middle class, well, the government is all set to take all of that extra cash that you made.


121 posted on 11/05/2017 5:21:15 AM PST by Rome2000 (SMASH THE CPUSA-SIC SEMPER TYRANNIS-CLOSE ALL MOSQUES)
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To: Jim Robinson

According to the chart, it would not change. We already as seniors file Short Form. No house payment, car, or loans. CC’s are paid in full when they come in. Medical not enough to meet the new %. Even with the co-pays from Tricare Life.

We still pay Fed income taxes on long term annuity’s, 2 SS, and a Navy Pension minus the 10% disability for flight deck hearing loss. It keeps us in that 25% range. Thankfully TN has NO STATE INCOME TAXES. Just a sales tax and very high gas tax.


122 posted on 11/05/2017 5:46:55 AM PST by GailA (Ret. SCPO wife: suck it up buttercups it's President Donald Trump!)
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To: GailA

This is the first year we expect to get really screwed on our taxes. We have always had to send them a check, besides what we already paid via deductions, every year. Now our income is the same but we have no mortgage, no medical deductions......nothing to itemize.
We have hubby’s retirement which is treated as straight income, 2 social security checks, and my annuity coming in every month. Guess I better get to saving to pay taxes.
Sounds like we’re in the same boat.


123 posted on 11/05/2017 6:34:31 AM PST by sheana
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To: Jim Robinson

If this is accurate, my tax burden is going to get cut in half, or maybe even better.


124 posted on 11/05/2017 6:48:21 AM PST by Luircin
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Comment #125 Removed by Moderator

To: virgil

Don’t forget to deduct your 401k contribution and any employer medical deductions as well as any traditional IRA contributions.


126 posted on 11/05/2017 7:16:19 AM PST by rb22982
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To: Mr.Unique

Did you back out 401k, medical deductions through employer and traditional IRA contributions first?


127 posted on 11/05/2017 7:17:31 AM PST by rb22982
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To: GOPe Means Bend Over Spell Run

“I’m not buying federal taxes are going up for a retired couple with low taxable income unless their currently claiming personal exemptions and itemized deductions in excess of an amount a low retirement income cannot support.”

who cares what you “buy”. I ran my totally legitimate numbers from 2016 year in the “calculator” and my taxes were 15% higher. For the record, I’ve never been audited by the IRS since I started filing taxes nearly 50 years ago.

Many other posters on this thread got similar discouraging numbers.


128 posted on 11/05/2017 7:21:46 AM PST by catnipman ( Cat Nipman: Vote Republican in 2012 and only be called racist one more time!)
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To: shawnlaw

Same here, my tax rate will go up, and I will lose the ability to deduct state taxes, so mine will be a wash at best. Sure glad I voted for President Trump who was going to reduce our tax burden.


129 posted on 11/05/2017 7:22:14 AM PST by Yogafist
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To: WildHighlander57
You’re spot on about the high property taxes. Somethings gotta be done about those also.

Yup - its called moving! I cut my property tax bill down by 70% from 2 years ago and have a nicer house now as well [and higher salary]. Vote with your feet!

130 posted on 11/05/2017 7:23:00 AM PST by rb22982
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To: Jim Robinson

Using 2016 income numbers, I would save about $600. My 2016 income was was down from 2015, and I expect 2017 to be similar to 2015, so using 2015 numbers, I would be saving about $1500.


131 posted on 11/05/2017 7:39:20 AM PST by Fresh Wind (Hillary: Go to jail. Go directly to jail. Do not pass GO. Do not collect 2 billion dollars.)
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To: rb22982

I ran the web model and compared it to last year’s tax form.


132 posted on 11/05/2017 8:25:45 AM PST by Mr.Unique (The government, by its very nature, cannot give except what it first takes.)
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Comment #133 Removed by Moderator

To: Jim Robinson

We will get an additional 1600.00 back from what we got last year.


134 posted on 11/05/2017 9:02:43 AM PST by Engedi
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Comment #135 Removed by Moderator

To: nopardons

Yeah, I guess I agree with you. Thanks for the slap.

I am worried this tax reform proposal will pass almost no matter what anyone does, and then any effort to reform taxes will stagnate.

And if it does not pass they will give up and leave things as they are.

No reform. A kick in the butt with SOMETHING (as bad as this is it is not as bad as the fake ObamaCare repeal bills) was what I was hoping it could be. Despite me losing money.

The corporate tax reduction by itself is so important (again as a start) that I felt that could be the centerpiece victory as long as more reform efforts come right away.

However years of wishful thinking and hoping have not gotten us anywhere on immigration, excess government interference, taxes, anything.

The Congress Critters have not even been willing to cut the damn NEA (National Endowment for the Arts), funder of a crucifix on a jar of urine as art. The Millions of tax dollars it gets are virtually nothing for private foundations to replace, and no one will suffer in a significant way to cut it, but they can’t even make that symbolic cut. When that thing goes (the NEA) I might start believing they would really reform something.

President Trump, PUSH CONGRESS to cut the NEA as a symbol of our commitment to proper legal use of Federal funds!

That will be a signal that our Republican Congress is finally serious about reform back to Orthodox Americanism.


136 posted on 11/05/2017 11:00:52 AM PST by Weirdad (Orthodox Americanism: It's what's good for the world! (Not communofascism!))
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To: Mr.Unique

That’s fine and dandy but that web model doesn’t have a spot for those things o mentioned


137 posted on 11/05/2017 11:06:20 AM PST by rb22982
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To: CodeToad

Not BS. My taxes will go up more than 9k with this proposal. It sucks big time.


138 posted on 11/05/2017 12:58:38 PM PST by Sirloin (Whoosh!)
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To: cableguymn

Yes, convention of States. Only way.


139 posted on 11/05/2017 1:29:03 PM PST by Cannoneer ( "..raise a standard to which the wise and honest can repair.." GW)
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To: kelly4c

It was talked about; just talked about.


140 posted on 11/05/2017 1:47:49 PM PST by nopardons
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