(December 2, 2017 at 11:42 pm)wallym Wrote: Seems unlikely that most 50-100k households are losing enough deductions to make up for doubling the standard deduction and a 3% decrease in the rate. From what I've read, some folks in high tax states aren't making out well. Maybe childless single filers who own homes? But for the most part, it seems positive for most. I thought I saw the NYT say 84% or something in that 50-100k get a tax cut.
https://www.nytimes.com/interactive/2017...ncome.html
I'm in the 50-100K group in terms of taxable income.
I have been using a spreadsheet I developed to predict my annual tax liability based on projected income, which has correctly predicted my tax liability within a small margin of error for better than a decade. Plugging in the new tax brackets and removing the lost deductions, I did the math based on what's in the Senate bill. If the changes in deductions and brackets were applied to my 2017 projected income, I will pay $3500 more in Federal taxes.
This represents a 27% tax increase. I'm a single parent homeowner. The loss of almost $300/month in income means a lot of belt-tightening.
As stated before, the "doubling of the standard deduction" is a scam considering it's largely offset for single and married childless filers by elimination of the personal exemption, and it's entirely eliminated for people with children. (a married couple with one child loses $12,150 in personal exemptions, a married couple with three children loses $20,250 in personal exemptions).
Now, some of those people will have some of that made whole by the increase in the child tax credit - assuming it survives committee - but that credit is phased incrementally by income, and people like me are ineligible.
The whole thing is fucking smoke and mirrors. Fuck this tax cut, fuck the GOP, and fuck all the fucking fuckers who fucking fell for it.
