GOP tax plan in a graph

[Maraya1969]

:large

[Fred Sanders]

1. By 2025 the middle class and poor will pay more...the obscene rich keep theirs. And who

claims stimulating a robust economic with more money and bigger deficit is a good plan? All of the tax bill is fake news. Obscene.

[smirkymonkey]

2. Does it list the income levels of each group? Just curious.

Some of my relatives are in the top 20% but they think they are going to get a windfall. I want to show them how wrong they are.

[subterranean]

4. Many people don't know which quintile they're in.

It would be helpful if this graph showed the income ranges for each segment. I would also like to see it separate out not just the top 1%, but the top 0.1%. I think that would be a real eye-opener.

[drray23]

5. its easy to calculate what the return would be

If you don't itemize, all you have to do is subtract your state tax and real estate taxes from the new standard deduction that is in their tax plan.


For example married filled jointly, the current deduction is $12600. Under the GOP tax plan it would go to $24000.

If you don't itemize, you are currently deducting $12600. Under their tax plan you would get to deduct $24000 minus the state tax and real estate taxes which they decided to not make deductible anymore. In a state with low taxes and low real estate taxes, your relatives may well come ahead. It all depends on how these numbers shake up.

Edit: I wanted to add that it is not the whole thing. The GOP plans (house and senate) both drop the higher tax bracket a few percents so that too would lower taxes. Finally if you are really wealthy and get income from pass-thru LLC's this also would drastically reduce your taxes.

[n2doc]

6. It's not even as rosy as that

Republicans want to raise the standard deduction to $24,400 for married couples who file jointly and $12,200 for single filers.

That's up from $12,700 for married couples and $6,350 for individuals.

Yet this change isn't as generous as it appears, according to Stan Veliotis, associate professor and director of the Center for Professional Accounting Practices at Fordham University in New York.

Under the current system, a single filer can take a standard deduction of $6,350 and a personal exemption of $4,050. That equates to $10,400 in tax savings compared with the proposed $12,000 standard deduction for singles.

Further, the new framework may not be beneficial to families as it does away with the dependent exemption, which provides $4,050 for each qualifying dependent.

more
https://www.cnbc.com/2017/11/03/the-good-the-bad-and-the-money-what-the-gop-tax-plan-means-for-you.html

[Maraya1969]

7. This is how I found it. Sorry

[smirkymonkey]

8. No problem, I will try to look it up.

[democratisphere]

3. The Oligarch's next move in taking over our democracy.

They must be stopped!