re: New Income Tax Calculator - Trump vs. Obama

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Submit
Under Trump's plan you would owe the IRS: $108,225.00

Under the current tax code you owe the IRS: $106,629.00

Under Trumps plan you would save: -$1,596.00 or -1.5%


No point in being a ER doctor who does overtime I guess..

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Let's talk about "The Common Good".

The common good didn't pay my 400k tuition+ fees.

i told my wife that not all would be bad under trump. the tax savings was a good bit less than I thought though.

if we are in a society that discards empathy, well I have no choice but to embrace that. I will do what is best for me and mine and frick everyone else.

I must've done something wrong. It's telling me I'm saving roughly $700.

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the one which doesn't take into account budget cuts?

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Or the one that understates economic growth due to tax cuts put out by the Tax Foundation? The one source all the bankers and economists on here like to cite. The same source that got Reagan's tax cut projections incorrect, didn't just revise these, but completely deleted their original estimates, and replaced them in arrears with updated projections? With no footnotes. And no explanation.

Oh My God, the Tax Foundation indicates Trump's tax plan will explode the deficit. They're credible, and have a revisionist history.

Calculator is off a bit since Obama's tax plan takes an addition amount off your AGI for exemptions. I owe more for the Trump tax plan by a few hundred dollars than I will owe for 2016.

Take your AGI, subtract your Itemized Deductions or 15k/30k (depending on your status) and subtract your exemptions ($4050 per person) and run back into calculator to get actual "Obama tax plan" number. Mine was accurate after doing this.

50k income saves 6k
45k income saves $668