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The 12 percent bracket: This rate applies to single filers starting at $12,000 up to $45,000. For married joint filers, this applies after the $24,000 deduction up to $90,000.
I'm still reading this as 90000+24000=114000 equals 25% marginal tax rate. Anyone?
I used married. The first $66k in taxable income (see the link). Rs are apparently being a bit disingenuous in trying to sell this. They assert that there's a 12% bracket to 90k, but only when you treat the 24k standard deductible as the first 24k in income. That's not how we are used to looking at the tax system. That would be akin to saying that the current tax system has a 10% bracket to ~$30k under current law (the $12k standard deduction plus the first $18,650 in taxable income).
Are you sure about this, that they use AGI? All current tax liability based on tax brackets is calculated on taxable income, not AGI.
If you have a married couple with theee children, that’s five people. 5 x $4,050 personal exemption = $20,250 in extra taxable income. The higher standard deduction may offset this but if you’re already itemizing, you’re screwed.
You're absolutely right and Republicans are being very, very quiet about that. Just like they don't want to talk about no more deduction for student loan interest, there will be lots of millennials hurt by that little stunt
So you think their deduction reductions are going to be more than their savings?
hahaha
ok, lets just suppose thats true.. Didnt you guys just whine not that long ago that non profit donations being deductible meant the rest of the nation had to subsidize this money?
Jesse James is turning over in his grave with jealousy. These republicans in congress are plotting to replace him and his gang, as the boldest and most notorious thieves in our history.
cali GETS billions more than they pay to the feds.......45% of California is federally owned and run
There is no state called "Cali", Cali is a Colombian city in the Valle del Cauca department. 45% of California is composed of federal land, Nevada is 84.9% "federally owned", what exactly is your point?
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