Ricky LIbtardo
Diamond Member
- Jul 22, 2016
- 6,683
- 11,351
- 2,265
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.
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.
