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Re: GOP Tax Plan

Posted by Henry R32 #3730 on Sat Dec 16 11:44:25 2017, in response to GOP Tax Plan, posted by TransitChuckG on Sat Dec 16 06:07:55 2017.

Under this plan, it appears (with my rudimentary understanding of tax calculations) that a single dude (or dudette, or dudx) making $60,000 a year (roughly the median salary) will save about $2600 / year. I will save about $3000. While that's not the $4000 Trump promised us, it's certainly more than what the democrats want us to have.

Here's the math:
Old Tax!
$60,000 - start!
6,350 x 0% = $0 (standard exemption)
$9,325 x 10% = $932.50
$28,625 x 15% = $4293.75
Subtotal on first $44,300 of income: = $5,226.25
$15,700 x 25% = $3925.00
Total: $9,151.25

New Tax!


60,000 - start!

12,000 x 0%   =  $0 (standard exemption)

$9,525 x 10%  =  $952.50

$29,175 x 12% = $3501.00

Subtotal on first $50,700 of income: = $4,453.50

$9,300 x 22%  = $2,046

Total Median: $6,499.50


Anyone who disagrees with this tax cut is free to send the difference directly to causes they support. Or, to the IRS in protest of Donald Trump. I'm sure the government can spend it more responsibly than you can...

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