Figuring Your Taxes After The New Tax Bill Passes

The Trump tax calculator — will you pay more or less?
Estimate how both the tax bill would impact your finances

 

Photo from Market Watch – Chairman of the Senate Finance Committee Orrin Hatch (R-UT) greets Chairman of the House Ways and Means Kevin Brady (R-TX) as Rep. Richard Neal (D-MA) watches as the House-Senate Conferees hold an open conference meeting on the “Tax Cuts and Jobs Act.”

Market Watch
By Steve Goldstein and Katie Marriner
December 18, 2017

It’s finally here — on Friday, Republicans from both the House and the Senate agreed on a $1.5 trillion bill to cut taxes.

The legislation, called the Tax Cuts and Jobs Act, cuts individual tax rates and slashes corporate taxes. Analysts say it’s highly likely both the House and the Senate pass the bill that President Donald Trump says he’ll sign into law.

Read: Here’s what in the Republican tax deal

Polling shows that most Americans don’t expect the bill to benefit them. With this calculator, find out if that’s the case. The calculator doesn’t incorporate every provision of the new tax code, but enough to make an educated guess.

Read: Here are the winners and losers of the final version of the Republican tax bill

Go to the article HERE  to use their calculator to determine your tax liability.

Keep in mind this calculator is designed for taxes filed in 2018 (and probably isn’t 100% accurate) — Also it doesn’t estimate what will happen in future years, including after 2025 when the individual rate cuts sunset.

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The handy-dandy little app in the article above isn’t based on final information but it might give people a bit more to consider. It is intriguing to see how Market Watch has interpreted what they understand in the tax package. 

I will say though if I were a millionaire, I would be choking on how this calculator functions. If it is close to accurate then millionaires would be paying roughly 35 percent in taxes whereas someone making $100,000 might only have to come up with 11 percent. Sure puts paid to the Democrat lie about millionaires paying less, phew.

–Uriel–

 

About Uriel

Retired educator and constitutionalist
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19 Responses to Figuring Your Taxes After The New Tax Bill Passes

  1. malenurseken says:

    BUT fake news is reporting this as if 1.5 trillion dollars was borrowed! Added to the deficit! Where was the outrage though when Obumma increased the deficit by what was it 7 trillion? Shovel ready jobs he lied! Where was the outrage from DEMS and REPS! And nobody EVER saw shovel ready jobs happen! That money all went to failed GREEN energy companies and UNIONS and campaign contributors, and DEM RAT PARTY pockets, OH likely some REPS too like McStain. Americans are wise to this! The corruption! Lies, hypocrisy.

  2. Uriel says:

    Lets not also forget to add all the Dems and RINOS who lined their pockets some increasing their wealth substantially in the last eight years.

  3. Hardnox says:

    What’s interesting in this is that the Left have exposed themselves in many ways, least of which is hypocrites with their now bleating about our “debt” whereas they didn’t mutter a peep when Batears tacked on $10 Trillion.

    They are obviously stuck on stupid and are anti-business. Reagan enacted huge tax cuts for businesses and individuals and our economy took off. It lasted 20 years yet these morons embrace the socialist model.

    The left is anti-USA. That’s it in the nutshell. Our misery is their happiness. PDJT is exposing them and I’m loving it. The left is being exposed and made irrelevant.

    • Whitetop says:

      I’m not a lawyer and I don’t play a lawyer on TV but this seems like Rosie really stepped in it. Where did she get the money to make this size of a bribe? It surely wasn’t from her talents. It would be good to see her fined $12 mil and sent to 30 years in prison.

  4. Uriel says:

    Let’s not forget Rosie O swore she would leave the US if Trump was elected 😹Meowwww

  5. malenurseken says:

    She needs reminding of that