Trump tax plan

How is Trump's proposed tax plan going to affect you? What are your opinions on it. Sauce welcome. General discussion. Poorfags need not apply.

Other urls found in this thread:

taxpolicycenter.org/publications/analysis-donald-trumps-tax-plan/full
twitter.com/NSFWRedditGif

They are good for everyone.

To the lefties who don't understand percentages: Those who earn more will save more, but everyone wins in the end.

Myself personally sofar it looks like it will benefit.

>80k a year
>Wife doesn't work
>1 child

Should reduce our tax liability by about $3300

Looks like I wont change, single making 45k a year. I cant complain though, I live decent. One of my checks pay all my debt per month, leaving the other for pure pleasure.

If I hadn't retired, it would cut my taxes big time.

It's only going to cut my taxes a little now. Cuz I retired and have a tax sheltered income.

The fucking useless eaters who produce nothing for society and country, they won't like it.

Actually, I don't like it either. It makes the bankers richer because of increased national debt.

Ill drop from 33% to 25%

That's huge. So bretty gud

I feel it. That standard deduction drops me from 25 to 12. Feels real nice

Also, sucks to make 18 an hour now. I have a couple of team leaders in that range that might give up their stripe because of this. Or demand a small raise (lol). Kind of an odd window there though

Are you guys accounting for the standard deduction practically doubling?

I get fucked

To be honest, no. I do very little when it comes to taxes, and another confession, I just use a turbo tax type program each year. Its not anything I have really ever concerned myself with.

I am sure our HR people will filter down the good info on this though so we can tell people not to move positions or anything.

Doesn't help me - 28% to 33% fucking sucks

Except the top 1% never ever ever ever pay 40%. More like 13–17% range. Under trumps plan they’ll actually HAVE to pay 33%. Huge win for tax payers on the whole

Looks like I'll be paying 1200 less in taxes
Combined with Trump's executive order on healthcare, I can get insurance again.

Don't think that's possible...

I forgot about that, but I'm not sure how to calculate that.
That puts me into a savings of about 3300
Which means my tax return this year will likely pay off my car (unless it has to go into effect the following year, in which case I'll likely throw it towards the down payment on my next house)
Which is great news

reminder taxation is theft

If he's making 232 and married, doubling the standard deduction brings him down to 220, which puts him at 25%
A savings of nearly 9000

>this might effect me soon

I just had to try and make something of myself didn't I?

Basically take your income minus the standard deduction (12k single or 24k married) then anything you make up to 37500 is taxed at 12% then between 37500 and 112500 is taxed at 25% and lastly anything over 112500 is taxed at 33%
Double those numbers for married

positively, i'll be paying 25% instead of 28%, neat.

All in all Im good with the tax plan at any bracket. The poor essentially don't get taxed, but they're not using the tax system as a redistribution of wealth platform (credits reduce liability but don't give money you didn't pay in) and it relieves the shit out of the middle class

Because I work in Oregon this will save me a lot. Oregon has one of the highest state income tax in the USA. As a single man with no dependents this will save me 10% of my gross paycheck year easy.

I don't understand how they're getting these numbers. This image says that people who make less than $10,000 would wind up paying more, but the Trump tax plan says that such people should pay no income tax. Did it change recently, or is this image just a lie?

taxpolicycenter.org/publications/analysis-donald-trumps-tax-plan/full

The numbers given in chart are post deduction. If you make less than 12k/24k you won't have any tax liability

ll $3k cut for mine

Sources?

Doesn't that make the chart disingenuous? If it's charting post-deduction then its lowest bracket would actually be much richer than it implies. The chart you've posted also lists a 33% tax bracket even though the max in Trump's plan is 25%.

Old here I remember the Reagan tax cuts
Same idea less tax brackets les deductions.
The problem was all the deductions started coming back the day after they passed it.

I was hoping that the plan would eliminate deductions for
- mortgage interest
- state income taxes
- local income taxes

these deductions are used by affluent white liberals who want to live in high-tax blue states. by letting these shitheads deduct that stuff, the rest of us are subsidizing rich leftists who choose to live in rich shitholes.

let them taste the full flavor of their liberal bullshit local governments.

Yeah (((they))) do that sometimes

Naw Trump's tax plan is 12/25/33 as of now. As for the deductions the media doesn't like to point out that in reality for a single tax payer there's a 4th bracket of 0% that applies to anyone who makes under 12k a year. Because it helps to enrage the lefts liberal plebs thinking they are gonna pay more taxes when in reality they aren't. They just might not get the entitlements they're used to

Probably save us about 1750 a year. Not bad.

Why raise taxes on poor people at all?

They're not. Not really anyways. It's just doing away with the shit system where someone who pays nothing into taxes get back several thousand from tax credits. The 2%increase on making under 9250 (which is really $20,250 with the standard deduction) it doesn't really effect their tax liability. Even if they're at the top of that bracket 2% of 9250 is $185 more in taxes a year. That's worst case for poorfags

looks like some people are getting fucked, but most people will be better off?

Both look pretty good, in Germany you're in the top bracket already with 70k or something (43% by the way).