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I'm retired and middle class - a little less that 1/2 former salary for a pension-annuity & no draw on social security.
Clinton's plan means I still pay a LOT in income taxes - you kiddos have no idea what it's like to work all your life and save for your retirement, so that you will be a burden on anyone -- and then have to pay obscene amounts if you try to do anything at all with your investments.
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Trump's plan means I still pay some, but it is greatly reduced - about 75% reduced. It will be a boon for the middle class and especially the Retired Middle class.
I will say that Trump's plan does not appear to be complete from what I've read - but the missing parts appear to be for High earners. Tax Foundation website stalled, I checked Motley Fool.
The info I looked at on Motley was current as of June 6, 2016 & included the Tax Foundation assessment.
Tax Foundation is the best place to look, but I couldn't get the site to load.
Wonder what it will be like with kids involved...right now we would pay nothing under President Trumps but wife will be an RN in 2 years and expecting her income to skyrocket....
The info I looked at on Motley was current as of June 6, 2016 & included the Tax Foundation assessment.
Tax Foundation is the best place to look, but I couldn't get the site to load.
Trump revised his tax plan a few weeks ago, but there is no way to compare plans between himself and Clinton and this point, because although he mentioned his tax rates, which were revised from the plan he released during the Primaries (12%, 25% and 33%) there was no mention of where each bracket would start.
These numbers make no sense bc I pay more than that now and Hillary isn't going to lower my taxes.
Might want to invest in a better Accountant...
From a serious standpoint, Clinton's tax plan will pretty much be the same as now for the vast majority. Tax rates up to $5 million will remain the same as they are now. Those with incomes above $1 million will have the "Buffet rule" in place to make sure they pay at 30% of their income in taxes. Those in the 33% bracket and above ($190,151 for those filing single and $231,451 for those filing jointly) will see some of their deductions capped at the 28% bracket instead of their top bracket.
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