My fellow co-workers are pretty smart people but their minds get cloudy about things like Social Security and taxes. I am not a math guy but I can crunch numbers. I am always asked about Social Security (I used to work there a long time ago) and Taxes. I have done my own taxes for over 30 years with the help of programs.
So, the new tax plan is said to devastate the blue states. It does not.
The new proposed rates more than make up for what is taken away.
The rich get richer but those of us in the middle will still gain. The new rates make up for the eliminations. I lose and I gain. My taxable income is reduced by $2,500 in the new plan.
The DINKS lose stuff but gain elimination of the AMT, based on their income and brackets. Under the current system, you lose exemptions and deductions on a sliding scale based on your income. Usually over $261,500 for individuals and $313,800 for couples.
I don't support this new bill for other reasons but the Democrats are wrong in their rhetoric. Always think self-interest. People will see that they will gain. They should see it around February 2018. I worry about things like the tax bill in April 2019. So far, I don't lose and I get a bigger paycheck. I will be projecting my 2019 return as soon as I see the increase to make sure I don't get hosed when I have to file a year later.
The new rates as of 12/15/17:
10%: $0 to $9,525 of taxable income for an individual; $0 to $19,050 for married joint filers
12%: $9,526 to $38,700 individual; $19,051 to $77,400 joint
22%: $38,701 to $82,500 individual; $77,401 to $165,000 joint
24%: $82,501 to $157,500 individual; $165,001 to $315,000 joint
32%: $157,501 to $200,000 individual; $315,001 to $400,000 joint
35%: $200,001 to $500,000 individual; $400,001 to $600,000 joint
37%: over $500,000 individual; over $600,000 joint
No comments:
Post a Comment