Tax Rates Under the New Tax Law Signed by Trump

[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%.

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.

He's got rid of some tax breaks, but are they the ones he uses?

He took tax breaks for teachers buying school materials. Does that take money away from Trump? Fuck no it doesn't.

So which tax breaks has Trump and the multinationals lost?

 

[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 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...

America has had more years with no income tax and with one. Was American not a society from its founding until 1913? Of course it was, which renders your ridiculous conclusion, well, ridiculous. We funded the federal government then without an income tax, we can easily do it again if the feds simply lived within the confines of their originally granted constitutional powers. Easily. That's hardly anarchy.

You say Murray Rothbard stated the holocaust did not happen. That's a lie, which makes you a lying piece of shit. Now we know how you think, so thanks for that.

Lastly, we all noticed you did not respond to the fact your ideas are immoral as hell. You completely sidestep the absolute requirement for forcible extraction of wealth by armed government agents to make your ideas work. It's no different than when your slave supporting Democrat ancestors justified the ownership of human beings on the grounds of science, societal needs, and the common good. Your ideas have been evil for a very long time.

“There is no worse tyranny than to force a man to pay for what he does not want merely because you think it would be good for him.”
― Robert A. Heinlein

 

[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.

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.

There are a few outliers. Some areas of NJ and NY have freaking insanely high property taxes. Just the property tax on a modest 2,400 sqft home in some areas of NJ can be over the $10k SALT cap. Those homeowners will lose part of their property tax deduction and all of their state income tax deduction if they itemize. Still $24k is a pretty healthy standard deduction. If their property tax was $12k, their income tax $8k, and mortgage interest $12k they will get hit with an income tax hike on the $8k.

 

[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/

At first blush, I guessed that the Trump tax cuts were going to save me about $230 per month. But now that I've had a chance to crunch the numbers, it looks like my savings will be closer to $350 per month! Wow! I can't wait!

Millions of middle-income Americans are going to have the same thrilling experience of seeing their paychecks go up by $150-$400 per month.

I have to laugh when I hear liberals describe the personal income tax cuts as "temporary." EIGHT YEARS is "temporary." Would you ever describe an 8-year job as "temporary"? And you know that the tax cuts for the middle class will be renewed. Even Obama did not dare undo the Bush tax cuts for the middle class, even though some liberals urged him to do so.

 

[mikegriffith1]

I had an interesting experience with a black friend from work. This guy is super liberal on most issues. He's all-in for Black Lives Matter, thinks Colin Kapernick is a hero, and thinks highly of Luis Farrakhan. But, when it comes to money, he puts aside ideology and goes where the facts lead.

He asked me if the Trump tax cuts will help the middle class. I sent him the new tax tables and a couple of factual summaries of the tax cut bill (one of them authored by Politifact.com). After reading those things, he concluded that he likes the tax cuts and applauded the Republicans for passing them and Trump for signing them!

 

[buckeye45_73]

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...

Its our money.......there is nothing to pay for......
but to make up the deficit for a year (it'll rise back after one year)...we can cut liberal sacred cows........in discretionary spending(Trump said he wouldn't touch entitlements and he has a good record of keeping promises......

 

[mikegriffith1]

I'm guessing that all the liberals who are screaming about Trump cutting the corporate income tax rate to 21% do not know that the average corporate tax rate in Asia is 20.1% and that in Europe it is 18.9%. They do not know this because their news sources never mention it.

This is why the Republicans initially wanted to cut the corporate tax rate to 15%: to give our businesses an advantage when competing in Asia and Europe. But, thanks to the Democrats' whining and screaming, the Republicans agreed to only cut it to 21%. Still, that's a huge improvement over 35%.

History teaches us that cutting the corporate tax rate helps the economy:

Reagan tax cuts provide a valuable lesson

 

[BulletProof]

* 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.

Thank you, tool. The original house bill was bad, including raising the 10% bracket to 12%, rather than dropping the 15% bracket. Thankfully, the house Republicans didn't get the bill they wanted. Anyway, the middle-class can't itemize deductions any more. The marriage penalty has been doubled. No more exemptions for families with large number of children. Etc. Overall, the middle-class only gets a small tax cut. The big tax cut is for the rich. And, as a reminder to all the fucktards in the Republican party, tax cuts that raise the deficit are a sham. The middle-class will end up paying for these tax cuts.