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Trump has no idea. He is promising tax cuts and big infrastructure improvements and good health care for all. That does not compute. So wait a year and we will see.
Don't expect much...there are no miracles in this domain.
How will Trump's financial plan affect those who make $80k-$120k?
Some analysts or economists or something have reviewed his plan and summarized them. On the internet somewhere.
My understanding is that he increases taxes for single parents with low income, but decreases taxes for everyone else, with the bulk of tax breaks for the very wealthy and businesses.
Unfortunately, George Bush did this, and it was the biggest contributor to the trillion dollar deficit he left when he left office.
Since you are paid what would be categorized as high income, you should have a tax cut.
Your taxes would have remained the same under HRC, unless you have children, in which case your child tax credit would have increased.
Of course, Congress would have to write up the law and vote on it. They usu. go with the President's agenda, if of the same party, as they are, with some changes. (and some pork thrown in)
Some analysts or economists or something have reviewed his plan and summarized them. On the internet somewhere.
My understanding is that he increases taxes for single parents with low income, but decreases taxes for everyone else, with the bulk of tax breaks for the very wealthy and businesses.
Unfortunately, George Bush did this, and it was the biggest contributor to the trillion dollar deficit he left when he left office.
Since you are paid what would be categorized as high income, you should have a tax cut.
Your taxes would have remained the same under HRC, unless you have children, in which case your child tax credit would have increased.
Of course, Congress would have to write up the law and vote on it. They usu. go with the President's agenda, if of the same party, as they are, with some changes. (and some pork thrown in)
Why would he increase taxes on single,low income parents?
I do not think our taxes(I make between the amount you listed) will increase per se.
It might be a modest decrease from what I have read.
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