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 Post subject: Trump Tax Plan
PostPosted: Fri Sep 29, 2017 9:11 am 
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Joined: Tue Feb 25, 2014 9:02 am
Posts: 76
Alma Mater: VT
Party: Independent
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.


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 Post subject: Re: Trump Tax Plan
PostPosted: Fri Sep 29, 2017 9:15 am 
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Joined: Thu Aug 22, 2013 9:25 am
Posts: 8459
I85hokie wrote:
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.


it is all a joke anyways as the gov. cannot live on one dollar less in revenue collection so the feds will still get the same incoming dollars just may be slightly different on who it is coming from. But yes, lets tax the crap out of successful people so that we make big penalty for achieving.....great plan

or better yet keep the corp. tax rate much higher than the rest of the planet so big companies can organize themselves to not pay that rate but pay other lower rates in other countries..... again, great plan

I am still waiting for the massive saving Obummer promised from the ACA, have not seen a dime yet


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 Post subject: Re: Trump Tax Plan
PostPosted: Fri Sep 29, 2017 9:16 am 
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Joined: Wed Aug 21, 2013 5:20 pm
Posts: 9552
Location: New York, NY
No need - Cap'n says I'm screwed, and he's always right.


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 Post subject: Re: Trump Tax Plan
PostPosted: Fri Sep 29, 2017 9:17 am 
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Joined: Wed Aug 21, 2013 8:29 pm
Posts: 5674
without AMT I know mine will be lower


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