CDZ Proposed Tax Plan Facts And Comparisons

Discussion in 'Clean Debate Zone' started by Ricky LIbtardo, Nov 3, 2017.

  1. Ricky LIbtardo
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    Ricky LIbtardo Diamond Member

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    Following are two comparisons of old taxes and proposed tax plans for a single person using standard deductions. One making $60,000 a year (Joe Six Pack construction worker) and one of a low income worker making $24,000 a year. Additional deductions may come out of committee which will only reduce tax liability.

    Current 2016

    $60,000 gross income
    $53,700 after standard deduction of $6,300
    $49,650 after personal exemption of $4,050
    $9,275 taxed @ 10% $927.50
    $28,375 taxed @ 15% $4,256.25
    $12,000 taxed @ 25% $3,000.00

    For a total tax bill of $8,183.75

    An effective tax rate of 13.64% on $60,000

    Proposed 2017

    $60,000 gross income
    $48,000 after standard deduction of $12,000
    $45,000 taxed @ 12% $5,400.00
    $3,000 taxed @ 25% $750.00

    For a total tax bill of $6,150.00

    An effective tax rate of 10.25% on $60,000

    A total savings of $2,033.75


    Current 2016

    $24,000 gross income
    $17,700 after standard deduction of $6,300
    $13,650 after personal exemption of $4,050
    $9,275 taxed @ 10% $927.50
    $4,375 taxed @ 15% $656.25

    For a total tax bill of $1,583.75

    An effective tax rate of 6.6%

    Proposed 2017

    $24,000 gross income
    $12,000 after standard deduction of $12,000
    $12,000 taxed at 12% $1,440.00

    For at total tax bill of $1,440.00

    An effective tax rate of 6.0%

    A total savings of $143.75


    So don't let the liberals claim you're going to pay more in taxes. If nothing else after committees your tax bill will likely go down with added deductions.
     
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