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Author Topic: Money  (Read 7031 times)

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AGelbert

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Re: Money
« Reply #240 on: December 05, 2017, 12:31:31 pm »
Have you seen how much you could save under President Trump's tax reform?  ;)

Quote
https://www.nytimes.com/interactive/2017/04/28/us/politics/trump-savings-tax-plan.html?&_r=0

Andrew Wheeler, political watcher and guy who reads a lot

Answered Thu ∑ Upvoted by Nathan Herkowitz, M.S. Taxes, Walsh College
Using my 2016 figures, since I have that tax return handy, and the calculator at CalcXML, hereís what I see.

For actual 2016, I paid $2,299 in federal tax. Under the Trump plan, an income of exactly the same size would incur a tax liability of $4,264. So my taxes would nearly double.

Also, Iím not clear whether this calculator includes the loss of deductions for state and local taxes and for mortgage interest. Iím pretty far into my mortgage, so the latter isnít as major, but I live in New Jersey and work in New York City, so losing SALT deductibility would hit me hard.

Plus, I have one son in college now, and will have another beginning college in 2019. The changes to student loans will have an additional detrimental effect on my income, and that effect will persist for many years for both my household and the eventual households of my two sons.

To answer the question: yes, I have seen how much my taxes and additional expenses would increase under the Trump plan. That amount is substantial. If that increase were part of a wider reform that, for example, would bring the budget into balance, I might possibly be in favor of it.

But doubling, or more than doubling, my taxes in order to give huge tax breaks to the rich and to multinational corporations while at the same time increasing the deficit by over $1.5TÖthat is a horrible plan that runs the risk of entirely destroying this country. It is stupid, it is asinine, and it is borderline criminal negligence of duty for any elected representative to vote for such a thing.

https://www.quora.com/Have-you-seen-how-much-you-could-save-under-President-Trumps-tax-reform
Hope deferred maketh the heart sick: but when the desire cometh, it is a tree of life. Pr. 13:12

 

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