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Message
Here's the new tax brackets in case you're wondering.
Posted on 12/21/17 at 8:17 am
Posted on 12/21/17 at 8:17 am
For married couples filing jointly, here’s how the proposed rates work out under the GOP tax bill:
New Rate New Income Bracket | Old Rate Old Income Bracket
10% Up to $19,050 | 10% Up to $19,050
12% $19,050-$77,400 | 15% $19,050-$77,400
22% $77,400-$165,000 | 25% $77,400-$156,150
24% $165,000-$315,000 | 28% $156,150-$237,950
32% $315,000-$400,000 | 33% $237,950-$424,950
35% $400,000-$600,000 | 35% $424,950-$480,050
37% $600,000+ | 39.6% $480,050+
***Correct me if I'm wrong but it appears that literally everyone is getting a tax break except for couples who earned between 400k-424k. They were in the 33% bracket previously and now will be in the 35%. Everyone else has a lower bracket now. (Am I looking at that correctly?)
For Single Filers:
New Rate New Income Bracket | Old Rate Old Income Bracket
10% Up to $9,525 | 10% Up to $9,525
12% $9,525-$38,700 | 15% $9,525-$38,700
22% $38,700-$82,500 | 25% $38,700-$93,700
24% $82,500 – $157,500 | 28% $93,700-$195,450
32% $157,500-$200,000 | 33% $195,450-$424,950
35% $200,000-$500,000 | 35% $424,950-$426,700
37% $500,000+ | 39.6% $426,700+
**Same basic deal for singles, higher incomes around 157k+ get a slight increase, everyone else gets decrease.
New Rate New Income Bracket | Old Rate Old Income Bracket
10% Up to $19,050 | 10% Up to $19,050
12% $19,050-$77,400 | 15% $19,050-$77,400
22% $77,400-$165,000 | 25% $77,400-$156,150
24% $165,000-$315,000 | 28% $156,150-$237,950
32% $315,000-$400,000 | 33% $237,950-$424,950
35% $400,000-$600,000 | 35% $424,950-$480,050
37% $600,000+ | 39.6% $480,050+
***Correct me if I'm wrong but it appears that literally everyone is getting a tax break except for couples who earned between 400k-424k. They were in the 33% bracket previously and now will be in the 35%. Everyone else has a lower bracket now. (Am I looking at that correctly?)
For Single Filers:
New Rate New Income Bracket | Old Rate Old Income Bracket
10% Up to $9,525 | 10% Up to $9,525
12% $9,525-$38,700 | 15% $9,525-$38,700
22% $38,700-$82,500 | 25% $38,700-$93,700
24% $82,500 – $157,500 | 28% $93,700-$195,450
32% $157,500-$200,000 | 33% $195,450-$424,950
35% $200,000-$500,000 | 35% $424,950-$426,700
37% $500,000+ | 39.6% $426,700+
**Same basic deal for singles, higher incomes around 157k+ get a slight increase, everyone else gets decrease.
Posted on 12/21/17 at 8:18 am to The Mick
This tax bill has already killed 2 of my family members. I don't know how much longer I'll make it...
Posted on 12/21/17 at 8:20 am to The Mick
Why does a single person pay more taxes when they are already paying city taxes for couples that have kids that go to school.
This post was edited on 12/21/17 at 8:20 am
Posted on 12/21/17 at 8:23 am to The Mick
The way I understand this is that pretty much everyone gets a % reduction in their taxes. However people that had a bunch of write offs might not see a reduction. For example a guy I know has 10 LSU Football season tickets. So the write offs he gets from the "TAF Donations" wouldn't be a write off anymore. So he might actually pay more in taxes.
Is this correct? By the way I see no problem with this being done.
Is this correct? By the way I see no problem with this being done.
Posted on 12/21/17 at 8:25 am to The Mick
quote:
Correct me if I'm wrong but it appears that literally everyone is getting a tax break
Shhhhhhh it doesn't fit the Liberal agenda. What you should of said was, "The middle class is going to starve and die from this."
Posted on 12/21/17 at 8:26 am to The Mick
What about the private plane runway I'm going to have installed at my golf course? Doesn't that give me a tax credit? Or am I just allowed to rape poor people now?
Posted on 12/21/17 at 8:28 am to The Mick
This chart barely goes over $400k. Where is the chart for ot posters?
Posted on 12/21/17 at 8:28 am to The Mick
People with kids should pay more than people without kids. The Earth is already overpopulated and theyre just adding to it.
Adding one more person that doesnt speed up to merge onto the interstate at a time.
Adding one more person that doesnt speed up to merge onto the interstate at a time.
This post was edited on 12/21/17 at 8:30 am
Posted on 12/21/17 at 8:29 am to The Mick
Married, no kids.
We are taking a big arse hit on property tax deductions.
We are taking a big arse hit on property tax deductions.
Posted on 12/21/17 at 8:35 am to The Mick
Any tax break I get from the bill will end up offset by the hit to scholarships/grants for grad school for me because of stipends and such now being taxable income.
Posted on 12/21/17 at 8:40 am to The Mick
quote:
Correct me if I'm wrong but it appears that literally everyone is getting a tax break
You/we might get a tax break but your expenses are going up big time:
Without the individual mandate to buy health insurance it's estimated that 13 million Americans simply won't. What do you think 13 million fewer - ostensibly healthy - people not buying insurance is going to do to your rate? The CBO predicts that premiums will rise 10% every year for the next ten.
This post was edited on 12/21/17 at 8:42 am
Posted on 12/21/17 at 8:46 am to The Mick
quote:
**Same basic deal for singles, higher incomes around 157k+ get a slight increase, everyone else gets decrease.
Yea it sucks for me but I am still for the bill only because of what it will do for the economy
Posted on 12/21/17 at 8:48 am to The Mick
quote:
39.6% $480,050+
The average OT baller will be paying ~40%. Not too bad I guess.
Posted on 12/21/17 at 8:48 am to The Mick
quote:
Here's the new tax brackets in case you're wondering.
Keeping more of your earnings can kill you, or so I'm told.
This post was edited on 12/21/17 at 8:49 am
Posted on 12/21/17 at 9:06 am to The Mick
quote:
Correct me if I'm wrong but it appears that literally everyone is getting a tax break except for couples who earned between 400k-424k
apparently not
quote:
For Single Filers:
quote:
32% $157,500-$200,000 | 33% $195,450-$424,950
35% $200,000-$500,000 | 35% $424,950-$426,700
so I just went from 33% to 35% that sucks
Posted on 12/21/17 at 9:21 am to The Mick
quote:
or married couples filing jointly, here’s how the proposed rates work out under the GOP tax bill:
New Rate New Income Bracket | Old Rate Old Income Bracket
10% Up to $19,050 | 10% Up to $19,050
12% $19,050-$77,400 | 15% $19,050-$77,400
22% $77,400-$165,000 | 25% $77,400-$156,150
24% $165,000-$315,000 | 28% $156,150-$237,950
32% $315,000-$400,000 | 33% $237,950-$424,950
35% $400,000-$600,000 | 35% $424,950-$480,050
37% $600,000+ | 39.6% $480,050+
***Correct me if I'm wrong but it appears that literally everyone is getting a tax break except for couples who earned between 400k-424k. They were in the 33% bracket previously and now will be in the 35%. Everyone else has a lower bracket now. (Am I looking at that correctly?)
Damn i went from 39.6% to 37%
Lol i wish
Posted on 12/21/17 at 9:46 am to The Mick
quote:
Correct me if I'm wrong but it appears that literally everyone is getting a tax break
A reduction in the rate of taxable income does not guarantee a tax reduction. The second aspect is what goes into the calculation of taxable income. The third is what factors operate to directly reduce the tax after application of the tables.
This suggestion by republican propagandists that a 2 or 4% reduction in table tax rate automatically means a tax cut is aimed at people who are ignorant of the mechanics of determining their income taxes. It is insulting to me.
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