Do You Win Or Lose Under The GOP Tax Plan: Find Out For Yourself Here

[g5000]

Here is the postcard tax return in the GOP tax reform plan.

Fill it out for 2016, and then compare what you would owe under the new plan to what you paid under the current system for 2016.

Tell us if you paid less, more, or the same.

Under the new GOP plan, the standard deduction is $12,000 for individuals, $18,000 for individuals with a child, and $24,000 for married couples.

The child tax credit is $1,600.

 

[g5000]

Proposed tax rates under the new plan:

$0 - $90,000: 12%

$90,001 - $260,000: 25%

$260,001- $1 million: 35%

More than $1 million: 39.6

 

[g5000]

I am interested in what you come up with for line 12. Would your total tax for 2016 be higher or lower than it was under the current tax regime?

 

[g5000]

Well, I just did mine, and I would pay more under the new plan than I did under the current plan.

29 percent more! That's a HUGE increase!

Dammit!

 

[g5000]

Son of a bitch.

Anyone else?

 

[nat4900]

Well, I just did mine, and I would pay more under the new plan than I did under the current plan.

29 percent more! That's a HUGE increase!

Dammit!

.....and, to add insult to injury,the real royal screwing is that the GOP calls it a "middle class tax cut".........

(BTW, the co-called tax breaks for the middle class have a short term, while the tax cuts to the wealthy are in perpetuity.....Nice, ha?)

 

[deanrd]

Living in Wrigleyville, I pay 12 grand a year in property tax. I've been able to get a dedication on a portion of that. Losing that dedication will wipe out any gain.
It will be the same for most home owners. Thank God I don't have a mortgage or I would probably have to sell.

 

[AsianTrumpSupporter]

I lose under Democrats, because I get penalized for being Asian under affirmative action even though there are fewer Asians than either Blacks or Hispanics.

 

[bendog]

I can't use the link. Mrs. Dog and I looked it over last week, and it's little difficult for us to tell because we lose kid this year. I'm not sure if the current version makes student loan income non-deductible, but that truly screws the kid. If Mrs. Dog can classify herself as a pass through it might help us.

But JFC that isn't simplification and reform. LOL

 

[edthecynic]

 

[deanrd]

I can't use the link. Mrs. Dog and I looked it over last week, and it's little difficult for us to tell because we lose kid this year. I'm not sure if the current version makes student loan income non-deductible, but that truly screws the kid. If Mrs. Dog can classify herself as a pass through it might help us.

But JFC that isn't simplification and reform. LOL

Tax deductible interest from student loans will no longer be deductible. That's been made clear again and again.

 

[edthecynic]

 

[bendog]

I can't use the link. Mrs. Dog and I looked it over last week, and it's little difficult for us to tell because we lose kid this year. I'm not sure if the current version makes student loan income non-deductible, but that truly screws the kid. If Mrs. Dog can classify herself as a pass through it might help us.

But JFC that isn't simplification and reform. LOL

Tax deductible interest from student loans will no longer be deductible. That's been made clear again and again.

And kids are doubly screwed because University endowments will be taxed. At least that was so in a version I looked at last week.

But hey, Trump gets a tax cut.

 

[g5000]

I would appreciate if some people went home tonight and dragged out their 2016 tax return.

Your total tax is on line 63 of the 1040 form.

Compare that to what you come up with using the postcard tax return in the OP.

Once again:

The standard deduction is $12,000 for individuals, $18,000 for individuals with a child, and $24,000 for married couples.

The child tax credit is $1,600.


Proposed tax rates under the new plan:

$0 - $90,000: 12%

$90,001 - $260,000: 25%

$260,001- $1 million: 35%

More than $1 million: 39.6%

 

[Tax Man]

As this is what I do for living in the winter months I can tell you your screwed! My taxes will go way up.

 

[g5000]

I'm actually okay with paying more taxes as long as the system is fair. If everyone else who earns the same income I do pays the same amount as income tax I do, then I can live with that.

Right now, we have a grossly distorted system where that is not the case.

We have to pay back all those government gifts we have been getting in the form of deductions, exemptions and credits all these years which have driven up the debt. So it should be expected some people's taxes will go up to even things out.

Eventually, we can lower the tax rates even more.


But I know for a fact the corporate tax "reform" does not level the playing field. At all.

And that is intolerable.

In fact, we should be calling this GOP plan the Intolerable Act.

It's time for revolution.

 

[g5000]

As this is what I do for living in the winter months I can tell you your screwed! My taxes will go way up.

I bet if you surveyed Americans who paid federal income taxes for 2016, 99 percent of them could not tell you what their total tax was (line 63).

At the same time, I bet at least 75 percent would be able to tell you how much their refund was (line 75), or how much extra they had to pay above their withheld taxes (line 78).

This is how our American Politboro is able to screw over the American taxpayer. Because the American taxpayer isn't paying any attention at all to how much they are actually paying in taxes each year.

 

[Tax Man]

As this is what I do for living in the winter months I can tell you your screwed! My taxes will go way up.

I bet if you surveyed Americans who paid federal income taxes for 2016, 99 percent of them could not tell you what their total tax was (line 63).

At the same time, I bet at least 75 percent would be able to tell you how much their refund was (line 75), or how much extra they had to pay above their withheld taxes (line 78).

This is how our American Politboro is able to screw over the American taxpayer. Because the American taxpayer isn't paying any attention at all to how much they are actually paying in taxes each year.

Those who use my services have an indexed copy of their returns and i keep a copy also. They also have to have documentation for me to use when deducting anything on their return. These I keep for audits and the IRS loves paper so keep it in mind.

 

[bendog]

Doesn't everyone look at last year's return when they file this year's?

 

[whitehall]

Why are democrats so afraid of simplifying the tax form?