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The highest tax bracket will remain at 39.6%: According to reports, the plan will propose a fourth marginal tax bracket on high-income earners. It will reportedly apply to married couples making more than $1 million a year.
New individual tax brackets:
12%: Applies to incomes up to $45,000 for an individual and $90,000 for a married couple.
25%: Applies to incomes up to $200,000 for and individual and $260,000 for couples.
35%: Applies to incomes up to $500,000 for an individual and $1 million for couples.
I will pay thousands more under the Trump bill. I don't live in a high tax state, don't own a million dollar home. This bill is going to stick it good to anyone who makes over 90K a year where the 25% bracket kicks in. The new standard deduction barely makes up for the loss of exemptions not to mention the rest of the deductions that we have had. No!
Same old -- same old; a wannabee ideologue pandering to simple resentments of simple minds who can't understand how wealth originates, is nurtured via the equities markets, and eventually winds up under the control of the non-profit sector, (where it can be shielded from the ambitions of the likes of The OP).
(Where's da big vault where all da rich guys has hidden all da peoples monies dat dey stole? ------- Duuuuuuuuuuuuuuuuuuuuuuuuh?)
College student deductions - gone!
Personal exemptions for individuals, children and elderly - gone!
Health insurance and care deductions - gone!
State and local taxes - gone!
Mortgage deductions - slashed in half!
All of these are the tax refuges of suburban middle class people. This so-called tax cut is being paid by middle class taxpayers
Who benefits? The rich of course.
I will pay thousands more under the Trump bill. I don't live in a high tax state, don't own a million dollar home. This bill is going to stick it good to anyone who makes over 90K a year where the 25% bracket kicks in. The new standard deduction barely makes up for the loss of exemptions not to mention the rest of the deductions that we have had. No!
The current rate is 25% for married couples at $75,900. Raising it to $90,000 is an improvement.
I will pay thousands more under the Trump bill. I don't live in a high tax state, don't own a million dollar home. This bill is going to stick it good to anyone who makes over 90K a year where the 25% bracket kicks in. The new standard deduction barely makes up for the loss of exemptions not to mention the rest of the deductions that we have had. No!
At least you'll finally be paying your fair share.
This bill is a catastrophe and will hurt most of the country. But Republican voters will cheer as they lose thousands more in their bank accounts, while the top 1% get millions.
The tax cut from 260k to 1,0000 is about $35,000 !
THis plan is a massive giveaway for the wealthy a 20% corp tax is a massive drop for Real estate investors and pretty much anyone who can structure their businesses to benefit from the low rate.
Location: Live:Downtown Phoenix, AZ/Work:Greater Los Angeles, CA
27,606 posts, read 14,619,501 times
Reputation: 9169
I would end up in the 25% bracket since I'm not legally married yet (only engaged, still counts as single for tax
purposes) 😟
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