Quote:
Originally Posted by Listener2307
They have been lied to by the media and the Democratic leadership. Then they were asked how they feel about it.
And now We, The People are supposed to join those masses? LOL!
Nah....
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You don't have to wait you can work it up yourself.
What you would pay without President Trumps tax reform:
2017 federal income tax calculator
What you would pay under President Trump's tax reform:
Trump Tax Reform Calculator
I worked mine up and I am very middle class at an income of $78,000. Married filing jointly.
Without President Trump's tax reform:
Estimated Tax Analysis
Gross income $78,000
Qualified plan contributions -$0
Adjusted gross income=$78,000
Standard/Itemized deductions-$12,700
Personal exemptions-$8,100
Taxable income =$57,200
Tax liability before credits $7,648
Child tax credits -$0
Estimated tax liability=$7,648
With President Trump's tax reform:
Gross income
(subject to personal rates) $78,000
Taxable Pass-Through Income+$0
Qualified plan contributions -$0
Adjusted gross income=$78,000
Standard/Itemized deductions-$24,000
Taxable income=$54,000
Tax liability before credits
(includes taxes on pass-through income) $6,099
Child tax credits -$0
Family tax credits-$1,000
Estimated tax liability=$5,099
Looks to me like I will save $2,549 next year under President Trump's plan. If this is losing I sure would like to lose some more!