Trump Tax Plan
Posted: Fri Sep 29, 2017 1:11 pm
I'd encourage every of you to re-calculate your 2016 tax return applying the provisions of this plan. The following article offers some guidelines:
http://www.businessinsider.com/trump-ta ... ies-2017-9
I recalculated mine and I would end up saving a whopping $15.
Some considerations:
(1) I'm guessing most of you didn't itemize more than $24k last year so you'll probably be taking the new standard deduction.
(2) The personal exemption of $4050 per filer and each dependent is gone.
(3) Assume the 15 percent and 10 percent brackets are replaced by one 12 percent bracket , and the 25-31 percent brackets are replaced by one 25 percent bracket.
(4) The two assumptions about the increased child tax credit are probably good. An extra $500 per child and no phase out.
Sounds like a lot of work, but they'd probably prefer that you take their word for it that you'll save money.
http://www.businessinsider.com/trump-ta ... ies-2017-9
I recalculated mine and I would end up saving a whopping $15.
Some considerations:
(1) I'm guessing most of you didn't itemize more than $24k last year so you'll probably be taking the new standard deduction.
(2) The personal exemption of $4050 per filer and each dependent is gone.
(3) Assume the 15 percent and 10 percent brackets are replaced by one 12 percent bracket , and the 25-31 percent brackets are replaced by one 25 percent bracket.
(4) The two assumptions about the increased child tax credit are probably good. An extra $500 per child and no phase out.
Sounds like a lot of work, but they'd probably prefer that you take their word for it that you'll save money.