The calculator is embedded in the article.
I was very pleasantly surprised.
My taxes stayed essentially the same under Senate bill but increased by 10% under house bill for a measly income of $52,000!
We’ll save $1000-1300.
As pointed out on another thread, the tax plans favor people in red states with smaller mortgages and families. In other words, most conservatives.
I think this calculator is flawed. I’m not a CPA, but it looks like they are making a huge mistake in the calculation.
Federal tax withholdings are calculated based on Taxable income, not Gros income.
Taxable income is Gross income minus pre-tax deductions like 401K contributions and Company Health Insurance premiums.
Personally, I shell out about $6K and $6K per year for 401K Contribution and Health insurance, respecitvely.
If I make 60K, the taxable portion remaining is 48K. This is what I think needs to be used for the calculator to be accurate, sans itemizing.
If I understand correctly, neither 401K conributions, nor Insurance premiums will be treated any differently than they are now.
Someone who knows more can correct me, but I believe the calculator is incorrect in asking for Gross Pay instead of Taxable Income.
The other wildcard would be the SALT deduction, In or Out, and limited to 10K/year.
If the SALT deduction is on top of the Stndard deduction, sweet. If it is part of an itemized return, that is still OK for many people.
Thoughts?
....”The Trump tax calculator — will you pay more or less?”....
Less....
These plans absolutely slam anyone without kids. There’s no way around it.
You get the higher standard deduction, but lose the personal exemption. Then are far less likely to be able to itemize deductions on top of that, including with state and local taxes.
Meanwhile, along with all the new and expanded kiddo credits, Jivanka’s millionaire Manhattan and DC friends will get potentially massive new savings as we all subsidize their sending their kiddos to crazy-expensive private schools.
Ho ho ho—Merry Christmas, suckers!
Bookmark
I still haven’t seen anything on how it will affect social security or SSDI. Anyone else?
I pay about 3000 more under the senate bill 2000 more under the house bill. won’t be voting for the tax increasing president next time. maybe i should buy a kid or two.
How does one figure income from sources other than employment such as capital gains? Does it still have to be itemized?
Losing the property tax duction screws me, and I bet it screws many more working class people. The GOP should lose control of congress for this. And If Trump signs this crap sandwich, he will lose bigly in 2020, and rightfully so.
Who made that horrible calculator? It doesn’t work at all. Today, and under (both?) proposed bills, wouldn’t people making under a certain amount not pay any taxes at all come the next year? So why is it you could enter say, $20,000 in the calculator, and end up owing money? What idiot made that?
California. Low enough income to not be impacted either way. Hopefully the drugbrainsoaked will see they are being sc...ed by Moonbeam and his merry band of leftists in the legislature
Well I’m rooting for the House bill, I save $2700 in that one, “only” $2400 with the Senate bill.
No real change but I’m expecting to make up for it in 401k plans.
Made over 100k this year alone.
Thanks to Bush and Obama, nothing really happened under them.
Looks like my taxes are going UP AGAIN. I should have known it!
Why doesn’t the Senate want to make these tax cuts permanent? So that they can prove that we need them to give us a tax cut all over again? They’re so dense.
More for us. Not happy
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