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o instead of bashing a proposal, why not contact your representative, explain how it would be best for the '''little guy''' if they set the starting bracket at 40k, or 50k, or 90k....let him even think its HIS IDEA
This would be amazing but I have a feeling they won't go for it... something about not being conservative enough.
I forgot if I said this to you earlier or in response to another poster but that would be pretty generous to move that 26k under the 12% bracket. That should make people happy as that $26k would incur less a bit tax under the new tax plan.
correct if it is set at 26k...but we don't know where they will set these brackets at, or where they will start at
currently
single
income 0-9,325..........10%
9,325-37,950.............15%
37,950-91,900...........25%
91,900-191,650.........28%
191,650- 416,700......33%
416,700-418,400.......35%(not even sure why this bracket is so small)
418,400+..................39.6%
married
income 0-18,650..........10%
18,650-75,900.............15%
75,900-153,100...........25%
153,100-233,350.........28%
233,350- 416,700......33%
416,700-470,700.......35%(not even sure why this bracket is so small but not as small as single)
470,700+..................39.6%
HOH
10%....$0 to $13,350
15%....$13,350 to $50,800
25%....$50,800 to $131,200
28%....$131,200 to $212,500
33%....$212,500 to $416,700
35%.....$416,700 to $444,500 (again this is a small bracket)
39.60%..$444,550+
This would be amazing but I have a feeling they won't go for it... something about not being conservative enough.
I think it would be great too...set the 0% at poverty level + 200% or some kind of legalese they like to throw around
I think what would be best for the country is something like this...flex it if it has to
start at 40k and go say to 200k for the 12%
....................................200k to 2 million for the 25%
and...............................2 million to infinity for the 30%
or..just a little higher
start at 60k and go say to 250k for the 12%
....................................250k to 3 million for the 25%
and...............................3 million to infinity for the 30%
or... just a little lower
start at 30k and go say to 200k for the 12%
....................................200k to 2 million for the 25%
and...............................2 million to infinity for the 30%
if they are going to knock it down to 3 brackets...they NEED to have the starting point OVER the poverty rate
it was me and I didn't complain that you used the same. you didn't. I linked to NYT and showed where it appears you are wrong. I am very happy to be wrong and you right if the facts sup0por that. but where is the data? we can walk thru it again. (sometimes im slow)
per the NYT the 15% tax rate is mapped to the 12% not the 25% bracket.
The NYT is guessing that the 15% rate is mapped to the 12% rate, but they don't know that, and they disclose they don't know it (it says on the chart, "The plan does not specify income thresholds"). Until the actual details are released by the White House or the tax law is introduced, we don't know where the 12% bracket will end and the 25% starts. That income number will be critical in determining how people with modest incomes will be helped or hurt by this plan.
For now, since the White House outline did not propose changing the income thresholds, I have to assume they will remain unchanged. I have no data to support any other conclusion.
The NYT is guessing that the 15% rate is mapped to the 12% rate, but they don't know that, and they disclose they don't know it (it says on the chart, "The plan does not specify income thresholds"). Until the actual details are released by the White House or the tax law is introduced, we don't know where the 12% bracket will end and the 25% starts. That income number will be critical in determining how people with modest incomes will be helped or hurt by this plan.
For now, since the White House outline did not propose changing the income thresholds, I have to assume they will remain unchanged. I have no data to support any other conclusion.
how can you ASSUME they will remain unchanged..when YOU KNOW there will be 4 less brackets....you KNOW it has to change..........what you nor I know is where(the levels) the change will take place
awfully stupid to assume they wont change, when you KNOW they HAVE to change
Anyway, I think anyone hoping rich people will suffer under this tax plan is probably going to be disappointed. I doubt they will do worse than status quo, if not much better. I'm more concerned about the people in the middle... looks like the bracket cut offs will be key.
One thing I support with this plan is simplification of the deductions. I don't agree with all of them (wish all deductions would go away, personally) but I like going in the direction of the less the better. I hope this will allow us all to see a lower effective tax rate based on how the brackets fall.
Why would anyone hope that anyone would suffer? The point of is that is increasing the standard deduction will help alot of people but people who live in high COL and high tax states will not like it and the have the biggest horn so they'll work to convince people that it helps the rich in an effort to fool people so they won't support it and they'll get to keep their tax breaks.
Why would anyone hope that anyone would suffer? The point of is that is increasing the standard deduction will help alot of people but people who live in high COL and high tax states will not like it and the have the biggest horn so they'll work to convince people that it helps the rich in an effort to fool people so they won't support it and they'll get to keep their tax breaks.
Lol. What work? The highest rate drops from 40% to 35%, so it is pretty self explanatory.
Also, for the last time - the personal exemptions are removed, so the increase in standard deduction is negated to any with a single dependent.
Why would anyone hope that anyone would suffer? The point of is that is increasing the standard deduction will help alot of people but people who live in high COL and high tax states will not like it and the have the biggest horn so they'll work to convince people that it helps the rich in an effort to fool people so they won't support it and they'll get to keep their tax breaks.
Increasing the standard deduction will do little for many when at the same time the personal exemption is going away..
Not to mention the top rate going from 39.6 to 35% will certainly help those at the very top of the income scale. We need more info on where the brackets are to see the true impact on others, but or those at the very top of the income chain it is clear they will benefit.
Doesn't that mean 70% would pay less tax?
Isn't that a good thing?
But, Lordy, don't let me rain on your headline.
I'm sure that number would be much much higher when redefined as $100k-$150k.
The lower middle and middle class folks who don't itemize may make out slightly ahead.
The wealthy will make out like bandits with the repeal of AMT, lowering of rates, and HUGE reduction in corporate tax. Many wealthy will now incorporate.
It's the hardworking American family with $100k-250k income, not yet subject to AMT, that has children and pays high state/local/property tax that will get screwed.
And I'll say this, many of us in that bucket who came from nothing, worked EXTREMELY HARD to get to that place. That is money that we use to send our kids to school or save so we can start to build our own wealth.
I am LIVID at the thought of having to pay thousands more a year so Trump and the wealthy donors can increase their already fat bottom line.
Increasing the standard deduction will do little for many when at the same time the personal exemption is going away..
Not to mention the top rate going from 39.6 to 35% will certainly help those at the very top of the income scale. We need more info on where the brackets are to see the true impact on others, but or those at the very top of the income chain it is clear they will benefit.
Why are we allowing people with so many kids to short change the federal govt coffers? Why are we allowing high COL and high tax states to short change the federal coffers. I'll bet its the same people that someone else needs to pay more.
As I always say, never cheer when someone else is forced to pay more taxes because sooner or later it may end up kicking you in the arse. And here we are.
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