(November 3, 2017 at 8:03 am)popeyespappy Wrote: If I plug last year's numbers into this plan and take the standard deduction I'd pay about $200 more in taxes under the new plan than I did last year. I itemized last year, and I probably couldn't under the new plan due to changes in SALT deductions so that is probably about where I'd be at. Luckily for us, Karen and I plan on getting married next year. Under this plan that will cut our combined taxes by about $4360 over filing separately because more than $36,000 of our combined income would be taxed at 12% instead of 25%. I'm not sure what our combined taxes would look like under the current plan.
Interesting... If my partner and I got married, we'd pay a few thousand more under the GOP plan over filing separately, however, I am able to file as head of household instead of single and her income is sufficiently low that she would pay no federal tax so that's certainly where the difference lies.
I wouldn't mind paying the higher taxes if there was actually something in the wings for lower income people - you know, like the health care they want to slash and burn - but that safety net is more likely to contract rather than expand.
I have a spreadsheet I cooked up to model my own tax situation, I think I'm gonna spend some time modifying it to compare 2017 rates to what they're proposing and working up some hypothetical income/tax situations and see where things break, see where the winners and losers are.