How the GOP's tax plan would affect your bottom line

[Yo_Mama_Been_Loggin]

Republicans unveiled what they’re calling a “framework” for tax reform Wednesday. It may raise more questions than it answers, however.

Titled “Uniform Framework for Fixing Our Broken Tax Code,” the nine-page document is essentially an outline of what GOP leaders envision for the tax code.

It was crafted by members of the Trump administration, the U.S. House of Representatives’ Ways and Means Committee and the U.S. Senate’s Finance Committee, according to a House announcement.

As pundits, reporters and others have publicly noted, the tax reform plan is shy on details.
Scott Greenberg, senior analyst for the nonprofit Tax Foundation, writes:

“Today’s framework contains only the broad outlines of a potential tax bill, leaving a number of details to be determined by the tax-writing committees in Congress.”

To be clear, the information released by Republicans Wednesday is not tax reform itself. It is not even a draft of proposed legislation that would update America’s tax laws. It’s more of a to-do list, or even a wish list.

https://www.msn.com/en-us/money/personalfinance/how-the-gops-tax-plan-would-affect-your-bottom-line/ar-AAsym9k?li=BBnbfcN&ocid=edgsp

[Joe941]

1. You are missing the point! How does it affect tRumps bottom line?

[Yo_Mama_Been_Loggin]

2. Here you go

https://www.democraticunderground.com/10029647343

[exboyfil]

3. Here is a quote:

Will taxes on the middle class go up?

During an interview with ABC News chief anchor George Stephanopoulos on "Good Morning America" today, the president's chief economic adviser Gary Cohn said that the tax plan "is purely aimed at middle-class families."

While he gave one example of how a family of four earning $55,000 "can expect something in the neighborhood of 650 to 1,000 tax decrease," he noted that "every tax situation is different."

I did the calculation under current law for $55K, and it came out to be a $1,464 tax burden assuming standard deduction, and the child tax credit.

Take the average of the two numbers, then the new tax would be $639.

You can get that by playing with two levers. Let's assume the child tax credit increases to $2,500.

12% rate is 0 to $16,238
25% rate is above $16,238

$55,000-$24,000=$31,000 taxed ($1949+3690)-$5,000=$639

At $2,000 the cut for the 12% rate is $7,069.