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