07-09-2017, 07:39 PM
https://www.thebalance.com/trump-s-tax-plan-how-it-affects-you-4113968
Two interesting things here....
1) Before if you made over $112k you were taxed at 28% (up until $190k, when it jumps to 33%). Those people will be taxed an extra 8% now on approx $80k (less some relief of 3% on approx. $20k). But the good news is you'll be in the black once you start making over $600k!
2) And then there's the big one: "The 2017 plan promised to eliminate all itemized deductions except for those on mortgage interest, retirement savings and charitable contributions." Deducting state income and property tax jumps out right away, but I'm sure many have some other significant deductions.
3) Doubles the standard deduction, so $6300 for single filers....but might be ending the personal exemption which is $4050. That's EACH person, so a family of four gets an extra $12,600 in standard deductions, but loses $16200 in personal exemptions.
A married couple with 3-4 kids, a good income, and probably a bunch of deductions is really going to get hosed. Once again, the middle class is where the money is!
Two interesting things here....
1) Before if you made over $112k you were taxed at 28% (up until $190k, when it jumps to 33%). Those people will be taxed an extra 8% now on approx $80k (less some relief of 3% on approx. $20k). But the good news is you'll be in the black once you start making over $600k!
2) And then there's the big one: "The 2017 plan promised to eliminate all itemized deductions except for those on mortgage interest, retirement savings and charitable contributions." Deducting state income and property tax jumps out right away, but I'm sure many have some other significant deductions.
3) Doubles the standard deduction, so $6300 for single filers....but might be ending the personal exemption which is $4050. That's EACH person, so a family of four gets an extra $12,600 in standard deductions, but loses $16200 in personal exemptions.
A married couple with 3-4 kids, a good income, and probably a bunch of deductions is really going to get hosed. Once again, the middle class is where the money is!
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