General Discussion

ProfessorGAC

(75,536 posts)

28. Second Post On This

Wed Dec 20, 2017, 10:37 AM

Dec 2017

Out of curiosity, i reran the calculator for $40-75k, filing jointly, with one kid, in a high state tax area.

Those folks are getting hammered with 10.3, 11.7, and 12.1% REDUCTIONS in after tax income in years 1 through 3. The taxes go up!!!! So much for the middle class tax cut.

There's a 0.4% increase in the 6th year, and then goes slightly negative again for the rest of the time period.

Then i ran it with the >$500k scenario, no kids, filing jointly, and not in a high tax state!

The first 8 years shows tax reductions amounting to a post tax increase of 9.2 - 10.5% for 8 of the 10 years. Then it becomes a tax increase in the last 2 years of around 0.15%.

And this is not supposed to be a tax cut for the rich? Ridiculous.

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Calculator to see how the "tax cut" bill will affect you. [View all] Honeycombe8 Dec 2017 OP

Link? brooklynite Dec 2017 #1

Oops! Correct to include it. LOL. A very important part of my post. nt Honeycombe8 Dec 2017 #2

So you have a tax cut. Honeycombe8 Dec 2017 #3

my after-tax income increase is generally 1%, though negative after 10 years. yippee-do. unblock Dec 2017 #4

Am I the ONLY one with a tax increase? Very depressing. Misery loves company. nt Honeycombe8 Dec 2017 #6

they actually backed off some aspects; fewer people will have tax increases than in earlier versions unblock Dec 2017 #10

Our taxes are going down GreenEyedLefty Dec 2017 #5

The biggest hurt for me is the loss of deducting high sales tax in my parish. Honeycombe8 Dec 2017 #8

Same, I save several thousand Amishman Dec 2017 #18

Hmmm, I tried another calculator and got something completely different. smirkymonkey Dec 2017 #7

Link? nt Honeycombe8 Dec 2017 #9

I don't have it, sorry. smirkymonkey Dec 2017 #11

Hmmm...I don't know if it's helpful to ask your state. Honeycombe8 Dec 2017 #13

Right, in those "high tax" states usually the sales tax and property tax aren't killers uponit7771 Dec 2017 #23

Down by 3.2% jpak Dec 2017 #12

It's beginning to look like it IS a tax cut bill for most. nt Honeycombe8 Dec 2017 #14

There's not enough data for itemized deductions that's were they screwed people good uponit7771 Dec 2017 #17

Yes...I itemize. I'm retired.... Honeycombe8 Dec 2017 #19

Same here, the calculator leaves out Texas with high property and sales taxes but no state income... uponit7771 Dec 2017 #21

WOW !!! If you're a head of household with no children you're screwn !!! uponit7771 Dec 2017 #15

You have to have a kid to file as "head of household," I think. Don't you? nt Honeycombe8 Dec 2017 #20

No, just a dependent uponit7771 Dec 2017 #22

Same thing, isn't it? A kid is a dependent. ??? Honeycombe8 Dec 2017 #27

Right, word going around is they really screwed single working parents on this bill no matter what uponit7771 Dec 2017 #38

Fuck these pricks onecaliberal Dec 2017 #16

Our taxes will go down, income up - at least till '27 mcar Dec 2017 #24

Down ProfessorGAC Dec 2017 #25

Down a little for two years wryter2000 Dec 2017 #26

Second Post On This ProfessorGAC Dec 2017 #28

Wow. You did some good research there. nt Honeycombe8 Dec 2017 #46

I think you are doing something wrong. Even if you live in a high tax state, your taxes go down at Hoyt Dec 2017 #29

No. My income isn't high enough to give me a lower rate. Remember...this bill is Honeycombe8 Dec 2017 #30

No, I didn't say it would increase taxes for most. I said it would for ME. Honeycombe8 Dec 2017 #32

I see. Most folks in the lower income bracket don't itemize. I think that's the difference. Hoyt Dec 2017 #37

LOL. But then I might have to support him!!! LOL. nt Honeycombe8 Dec 2017 #41

Overall our/my taxes go down by less than 1% until they go up by about 1.5%. Freethinker65 Dec 2017 #31

Their goal was to force people to move from blue states to red states. scheming daemons Dec 2017 #33

You got it! EllieBC Dec 2017 #40

Louisiana is a high tax red state. Honeycombe8 Dec 2017 #42

This calculator isn't nearly detailed enough to give you useful answers FBaggins Dec 2017 #34

Well my taxes are going down MontanaMama Dec 2017 #35

Any calculation needs to include share of paying off the debt increase with interest. L. Coyote Dec 2017 #36

Does not include health insurance increases resulting from Qutzupalotl Dec 2017 #39

The other part that is baked into the cake nolabels Dec 2017 #44

At least the mandate doesn't expire until 2019. Regarding Social Security & Medicare... Honeycombe8 Dec 2017 #48

Our taxes go down ClarendonDem Dec 2017 #43

After tax income? It's BS Johnny2X2X Dec 2017 #45

Middle of 4th income bracket. 2 children elegible for tax credit. Itemize. Roland99 Dec 2017 #47