Tax Rates Under the New Tax Law Signed by Trump

[mikegriffith1]

Here is how the tax reform bill that President Trump just signed will affect you (this info comes from the Congressional conference report on the final version of the bill--you can also find this info on numerous tax information sites):

* The standard deduction will increase from $6,500 for individuals to $12,000, and from $13,000 to $24,000 for joint returns (married).

* The tax credit for each child under 17 will double from $1,000 to $2,000.

* As for the tax brackets, the rates for the brackets will change as follows:

-- First bracket: Will remain at 10%
-- Second bracket: Will drop from 15% to 12%
-- Third bracket: Will drop from 25% to 22%
-- Fourth bracket: Will drop from 28% to 24%
-- Fifth bracket: Will drop from 33% to 32%
-- Sixth bracket: Will remain at 35%
-- Seventh bracket: Will drop from 39.6% to 37%

Yes, contrary to liberal disinformation about the new law, the biggest rate cuts are going to the middle class.

More info:

* The alternative minimum tax will be eliminated for people in the first six tax brackets.

* The amount that you can deduct for state and local taxes will be capped at $10,000 (which means that people in low-tax states will no longer be subsidizing state tax deductions for wealthy people in high-tax states).

* Under current law, interest on mortgages up to $1.1 million can be deducted. That cutoff will be reduced to $750,000 for new mortgages.

To read more about the tax changes, see:

http://docs.house.gov/…/20171218/Joint%20Explanatory%20Stat…
http://www.politifact.com/…/18/whats-final-version-tax-bill/

 

[MarathonMike]

Nothing better than a clear summary of facts. Now let the Liberal but but buts begin.

 

[mikegriffith1]

Nothing better than a clear summary of facts. Now let the Liberal but but buts begin.

Yeah, notice that with all the propaganda threads and posts about the tax reform bill, none of the liberals care to discuss the actual tax rates under the bill and the fact that the biggest rate reductions are going to the middle class. The top bracket is only going down by 2.6 percentage points, but the three main middle-income brackets are going down by 3, 3, and 4 percentage points respectively. Also, the rich will no longer be able to deduct all of their state and local taxes and will no longer be able to deduct their mortgage interest.

But, boy, you'd never know any of this to read the lies and distortions that liberals are posting about the tax reform bill.

 

[frigidweirdo]

Here is how the tax reform bill that President Trump just signed will affect you (this info comes from the Congressional conference report on the final version of the bill--you can also find this info on numerous tax information sites):

* The standard deduction will increase from $6,500 for individuals to $12,000, and from $13,000 to $24,000 for joint returns (married).

* The tax credit for each child under 17 will double from $1,000 to $2,000.

* As for the tax brackets, the rates for the brackets will change as follows:

-- First bracket: Will remain at 10%
-- Second bracket: Will drop from 15% to 12%
-- Third bracket: Will drop from 25% to 22%
-- Fourth bracket: Will drop from 28% to 24%
-- Fifth bracket: Will drop from 33% to 32%
-- Sixth bracket: Will remain at 35%
-- Seventh bracket: Will drop from 39.6% to 37%

Yes, contrary to liberal disinformation about the new law, the biggest rate cuts are going to the middle class.

More info:

* The alternative minimum tax will be eliminated for people in the first six tax brackets.

* The amount that you can deduct for state and local taxes will be capped at $10,000 (which means that people in low-tax states will no longer be subsidizing state tax deductions for wealthy people in high-tax states).

* Under current law, interest on mortgages up to $1.1 million can be deducted. That cutoff will be reduced to $750,000 for new mortgages.

To read more about the tax changes, see:

http://docs.house.gov/…/20171218/Joint%20Explanatory%20Stat…
http://www.politifact.com/…/18/whats-final-version-tax-bill/

Problem here is that the top rates of tax will still be "adjustable" which means 37% will probably be around 7%.

 

[Harpy Eagle]

Trump has not signed it yet. Do try and keep up.


Sent from my iPhone using USMessageBoard.com

 

[CowboyTed]

Nothing better than a clear summary of facts. Now let the Liberal but but buts begin.

Yeah, notice that with all the propaganda threads and posts about the tax reform bill, none of the liberals care to discuss the actual tax rates under the bill and the fact that the biggest rate reductions are going to the middle class. The top bracket is only going down by 2.6 percentage points, but the three main middle-income brackets are going down by 3, 3, and 4 percentage points respectively. Also, the rich will no longer be able to deduct all of their state and local taxes and will no longer be able to deduct their mortgage interest.

But, boy, you'd never know any of this to read the lies and distortions that liberals are posting about the tax reform bill.

Great, how are they going to pay for them?

So Trump and GOP have decided to borrow money form China so they can give most it to rich people and corporations...

 

[eflatminor]

...so they can give most it to rich people and corporations...

So they can give it to rich people? "Give it"? Seriously?

You talk like the money people make is the government's first, with the government determining what one gets to keep. Good lord man, are you full on pinko commie bed wetter?

 

[Natural Citizen]

OP, when you drive, do you only watch as far as the rear bumper of the car driving in front of you?

 

[CowboyTed]

...so they can give most it to rich people and corporations...

So they can give it to rich people? "Give it"? Seriously?

You talk like the money people make is the government's first, with the government determining what one gets to keep. Good lord man, are you full on pinko commie bed wetter?

Here let's give you a clue...

Corporations and Rich people do better out of society... To maintain that society they need to be educated, secured, need transport... Government provide those services and it is paid for by taxes...

Now the people who are doing the best are bribing their representatives to no pay there fair share...

They need people like you to totally ignore how a society works and morality...

 

[eflatminor]

...so they can give most it to rich people and corporations...

So they can give it to rich people? "Give it"? Seriously?

You talk like the money people make is the government's first, with the government determining what one gets to keep. Good lord man, are you full on pinko commie bed wetter?

Here let's give you a clue...

Corporations and Rich people do better out of society... To maintain that society they need to be educated, secured, need transport... Government provide those services and it is paid for by taxes...

Now the people who are doing the best are bribing their representatives to no pay there fair share...

They need people like you to totally ignore how a society works and morality...

Morally, eh?

Let's look at what your idea of morality means. Your ideas about "maintaining society" 100% absolutely requires the forcible extraction of wealth carried bout by armed government agents. Some in society are forced to involuntarily labor on behalf of others they don't know. And if you support things like single payer healthcare, you are effectively conscripting those who work in healthcare to labor for a wage or fee to which they did not voluntarily agree. Once again, Dems show their slavery-supporting ugliness.

In a free society with free markets, no one is forced by government thugs. All actions are voluntary and as long as you don't infringe on the rights of another, you're left to pursue happiness, property, or whatever gets you off.

Your ideas require jack booted thugs who will literally kick down my door and take what I have earned. Libertarian ideas require nothing but the golden rule.

I think it's crystal clear who holds the moral high ground here. Plenty of others smarter than you realize this:

“Taxation is theft, purely and simply even though it is theft on a grand and colossal scale which no acknowledged criminals could hope to match. It is a compulsory seizure of the property of the State’s inhabitants, or subjects.”

― Murray N. Rothbard

 

[Norman]

Here is how the tax reform bill that President Trump just signed will affect you (this info comes from the Congressional conference report on the final version of the bill--you can also find this info on numerous tax information sites):

* The standard deduction will increase from $6,500 for individuals to $12,000, and from $13,000 to $24,000 for joint returns (married).

* The tax credit for each child under 17 will double from $1,000 to $2,000.

* As for the tax brackets, the rates for the brackets will change as follows:

-- First bracket: Will remain at 10%
-- Second bracket: Will drop from 15% to 12%
-- Third bracket: Will drop from 25% to 22%
-- Fourth bracket: Will drop from 28% to 24%
-- Fifth bracket: Will drop from 33% to 32%
-- Sixth bracket: Will remain at 35%
-- Seventh bracket: Will drop from 39.6% to 37%

Yes, contrary to liberal disinformation about the new law, the biggest rate cuts are going to the middle class.

More info:

* The alternative minimum tax will be eliminated for people in the first six tax brackets.

* The amount that you can deduct for state and local taxes will be capped at $10,000 (which means that people in low-tax states will no longer be subsidizing state tax deductions for wealthy people in high-tax states).

* Under current law, interest on mortgages up to $1.1 million can be deducted. That cutoff will be reduced to $750,000 for new mortgages.

To read more about the tax changes, see:

http://docs.house.gov/…/20171218/Joint%20Explanatory%20Stat…
http://www.politifact.com/…/18/whats-final-version-tax-bill/

The middle class, working white Americans, are the rich. They are the problem.

We should be having tax cuts for the Mexicans instead.

 

[deanrd]

Here is how the tax reform bill that President Trump just signed will affect you (this info comes from the Congressional conference report on the final version of the bill--you can also find this info on numerous tax information sites):

* The standard deduction will increase from $6,500 for individuals to $12,000, and from $13,000 to $24,000 for joint returns (married).

* The tax credit for each child under 17 will double from $1,000 to $2,000.

* As for the tax brackets, the rates for the brackets will change as follows:

-- First bracket: Will remain at 10%
-- Second bracket: Will drop from 15% to 12%
-- Third bracket: Will drop from 25% to 22%
-- Fourth bracket: Will drop from 28% to 24%
-- Fifth bracket: Will drop from 33% to 32%
-- Sixth bracket: Will remain at 35%
-- Seventh bracket: Will drop from 39.6% to 37%

Yes, contrary to liberal disinformation about the new law, the biggest rate cuts are going to the middle class.

More info:

* The alternative minimum tax will be eliminated for people in the first six tax brackets.

* The amount that you can deduct for state and local taxes will be capped at $10,000 (which means that people in low-tax states will no longer be subsidizing state tax deductions for wealthy people in high-tax states).

* Under current law, interest on mortgages up to $1.1 million can be deducted. That cutoff will be reduced to $750,000 for new mortgages.

To read more about the tax changes, see:

http://docs.house.gov/…/20171218/Joint%20Explanatory%20Stat…
http://www.politifact.com/…/18/whats-final-version-tax-bill/

Go ahead a few years:

 

[BluesLegend]

OP I thought they bumped the child tax credit up to age 17?

 

[BluesLegend]

I ran the math for California using the California tax calculator. A married couple with 2 kids who earn $150,000 is about the break even point under Trump's tax reform bill. They will pay about the same in taxes taking the new standard $24k deduction vs itemizing. The reductions and caps on SALT and mortgage interest deductions therefore really only smack the wealthy.

 

[CowboyTed]

...so they can give most it to rich people and corporations...

So they can give it to rich people? "Give it"? Seriously?

You talk like the money people make is the government's first, with the government determining what one gets to keep. Good lord man, are you full on pinko commie bed wetter?

Here let's give you a clue...

Corporations and Rich people do better out of society... To maintain that society they need to be educated, secured, need transport... Government provide those services and it is paid for by taxes...

Now the people who are doing the best are bribing their representatives to no pay there fair share...

They need people like you to totally ignore how a society works and morality...

Morally, eh?

Let's look at what your idea of morality means. Your ideas about "maintaining society" 100% absolutely requires the forcible extraction of wealth carried bout by armed government agents. Some in society are forced to involuntarily labor on behalf of others they don't know. And if you support things like single payer healthcare, you are effectively conscripting those who work in healthcare to labor for a wage or fee to which they did not voluntarily agree. Once again, Dems show their slavery-supporting ugliness.

In a free society with free markets, no one is forced by government thugs. All actions are voluntary and as long as you don't infringe on the rights of another, you're left to pursue happiness, property, or whatever gets you off.

Your ideas require jack booted thugs who will literally kick down my door and take what I have earned. Libertarian ideas require nothing but the golden rule.

I think it's crystal clear who holds the moral high ground here. Plenty of others smarter than you realize th
“Taxation is theft, purely and simply even though it is theft on a grand and colossal scale which no acknowledged criminals could hope to match. It is a compulsory seizure of the property of the State’s inhabitants, or subjects.”

― Murray N. Rothbard

Where to start?

Taxes for the overall benefit of society have been here for thousands of year... Countries with USC have been rated freer than US... You don't want to live in a society... You want no taxation by your post and thus no government, that is anarchy...

And as for your quote... That asshole believed selling children as consumer goods in accord with market forces and was a Holocaust denier. So by quoting him, you are weaking your argument...

 

[mikegriffith1]

Here is how the tax reform bill that President Trump just signed will affect you (this info comes from the Congressional conference report on the final version of the bill--you can also find this info on numerous tax information sites):

* The standard deduction will increase from $6,500 for individuals to $12,000, and from $13,000 to $24,000 for joint returns (married).

* The tax credit for each child under 17 will double from $1,000 to $2,000.

* As for the tax brackets, the rates for the brackets will change as follows:

-- First bracket: Will remain at 10%
-- Second bracket: Will drop from 15% to 12%
-- Third bracket: Will drop from 25% to 22%
-- Fourth bracket: Will drop from 28% to 24%
-- Fifth bracket: Will drop from 33% to 32%
-- Sixth bracket: Will remain at 35%
-- Seventh bracket: Will drop from 39.6% to 37%

Yes, contrary to liberal disinformation about the new law, the biggest rate cuts are going to the middle class.

More info:

* The alternative minimum tax will be eliminated for people in the first six tax brackets.

* The amount that you can deduct for state and local taxes will be capped at $10,000 (which means that people in low-tax states will no longer be subsidizing state tax deductions for wealthy people in high-tax states).

* Under current law, interest on mortgages up to $1.1 million can be deducted. That cutoff will be reduced to $750,000 for new mortgages.

To read more about the tax changes, see:

http://docs.house.gov/…/20171218/Joint%20Explanatory%20Stat…
http://www.politifact.com/…/18/whats-final-version-tax-bill/

Problem here is that the top rates of tax will still be "adjustable" which means 37% will probably be around 7%.

Sorry, but that's just nonsense. Using that argument, everybody's top marginal rate is theoretically "adjustable." And I guess you didn't notice that Trump's tax bill ends a whole bunch of tax breaks/deductions for the rich.

 

[mikegriffith1]

I ran the math for California using the California tax calculator. A married couple with 2 kids who earn $150,000 is about the break even point under Trump's tax reform bill. They will pay about the same in taxes taking the new standard $24k deduction vs itemizing. The reductions and caps on SALT and mortgage interest deductions therefore really only smack the wealthy.

Yes, exactly: The cap on the mortgage interest deduction will only affect people with mortgages over 750K (my mortgage is less than half that much), and the cap on deductions for state and local taxes only kicks in after $10K have been paid in state and local taxes (I pay about $7K in state and local taxes). So this tax cut is aimed squarely at the middle class.

Keep in mind, too, that people in the fourth tax bracket--$165K to $315K (married)--will have their top marginal income tax rate cut by 4 percentage points, a cut of nearly 16%, from 28% to 24%. So although they are losing a decent chunk of money in deductions, they are gaining a decent chunk of money via lower income taxes, since not only will their top marginal rate be cut by 4 percentage points, but their income up to $164K will be taxed at rate 5 percentage points below the current rate.

However, people in the fifth, sixth, and seventh brackets will not make out nearly as well. They will lose a huge chunk of money in SALT deductions and mortgage interest deductions, and they will get the smallest income-tax rate cuts.

 

[LoneLaugher]

Gee whiz! That looks AWESOME!

If only Americans were smart enough to understand how great it is, the GOP and it's benefactors would not have to engage in a sales campaign.

Think about it. They need to sell a tax cut to the people.

 

[Bootney Lee Farnsworth]

Great, how are they going to pay for them?

Nothing brings out the muderous rage within me quite like this statement.

You don’t pay for tax cuts. You pay for ALL THE FUCKING BULLSHIT YOU STATISTS WANT TO BLOW OUR MONEY ON. IT’S NOT YOUR FUCKING MONEY!!!

 

[yiostheoy]

Here is how the tax reform bill that President Trump just signed will affect you (this info comes from the Congressional conference report on the final version of the bill--you can also find this info on numerous tax information sites):

* The standard deduction will increase from $6,500 for individuals to $12,000, and from $13,000 to $24,000 for joint returns (married).

* The tax credit for each child under 17 will double from $1,000 to $2,000.

* As for the tax brackets, the rates for the brackets will change as follows:

-- First bracket: Will remain at 10%
-- Second bracket: Will drop from 15% to 12%
-- Third bracket: Will drop from 25% to 22%
-- Fourth bracket: Will drop from 28% to 24%
-- Fifth bracket: Will drop from 33% to 32%
-- Sixth bracket: Will remain at 35%
-- Seventh bracket: Will drop from 39.6% to 37%

Yes, contrary to liberal disinformation about the new law, the biggest rate cuts are going to the middle class.

More info:

* The alternative minimum tax will be eliminated for people in the first six tax brackets.

* The amount that you can deduct for state and local taxes will be capped at $10,000 (which means that people in low-tax states will no longer be subsidizing state tax deductions for wealthy people in high-tax states).

* Under current law, interest on mortgages up to $1.1 million can be deducted. That cutoff will be reduced to $750,000 for new mortgages.

To read more about the tax changes, see:

http://docs.house.gov/…/20171218/Joint%20Explanatory%20Stat…
http://www.politifact.com/…/18/whats-final-version-tax-bill/

Thanks mikegriffith1 .

I have a few clients whom I forecast taxes for.

They are renting-out their house for a profit so will still get to benefit from their mortgage interest and their full property tax.

They will be stung by the $10K cap on their SALT deduction for income taxes paid to Sacramento.

The increased standard deduction is irrelevant to them.

They will be stung by the loss of exemption deductions.

Some people will be stung. Others will be better off.

The working poor will be better off.

The very rich will be better off.

The upper middle class will be stung.