General Discussion
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(39,343 posts)dhol82
(9,352 posts)It might possibly help you pay the increased health premium.
snowybirdie
(5,224 posts)The AVERAGE tax cut will give a person $90 bucks a month extra! Whoopee!
dhol82
(9,352 posts)burnbaby
(685 posts)Was 4k a year. Jesus F Christ
burnbaby
(685 posts)HughBeaumont
(24,461 posts)See how that fuzzy math works?
jmg257
(11,996 posts)maxsolomon
(33,310 posts)Kut Kut Kut, Act.
Stallion
(6,474 posts)burnbaby
(685 posts)Make you say that
PoliticAverse
(26,366 posts)Ct. I am screwed
Wounded Bear
(58,647 posts)Flaleftist
(3,473 posts)Corporations are going to take all the money they save from their tax cuts and give raises and lower prices, BELIEVE ME.
There's a few links online to give an idea what your old and new tax would be. I used the one on the WSJ, but you have to be a subscriber.
Overall, the rates and brackets are lower, but don't expect a life changing windfall. Looks like everybody with earned income up to about $500,000 is going to see 2-3% lower taxes. Above that, it's pretty much the same (although I doubt too many of us will have that particular problem, lol).
The other factors are going to depend a lot on where you live. Mortgage interest and property taxes will affect homeowners differently than renters, obviously. The SALT deduction is going to affect people in high tax states more than those in lower tax states.
I can empathize with arguments on boths sides of the SALT thing...obviously, as someone in a relatively low tax state (MI), I have my preference on it.
I do see a lot of pushback from Accountants and Realtors, for starters. Like anything else, this will affect some more than others, and some positively while others negatively.
Off the top of my head, it looks like high earners with expensive, mortgaged homes from high tax states are going to suffer the most...ie if I were playing for the Lakers or the Jets, I'd be trying to get traded to the Grizzlies or the Jaguars.