How much does the tax plan help you?

I'll save about tree fiddy

Moderately. First $90000 at 12% is nice.

I will save almost 5K per year under the new plan without any child credits or other itemized deductions put in. This has got to pass. Also, the lower corporate rate would do wonders for my business. We will probably be able to hire 2 more employees with the tax savings. Note to liberals, this is how jobs are actually created.

I suppose the calculator is useful if you have fairly basic taxes. I have rental properties making that calculator less useful.

That said. If I pretended that I was only considering mine and my wife's income.......and no itemization.........I come out ahead a crack under $2K.

Until I'm able to delve into how the plan deals with some of the less obvious, it's not a simple task for me to tell although it would really have to change a lot from the base for me to come out losing.

My problem is SALT issues so I am 8-10K in the hole due to losing a huge chunk of deductions.

At this point nobody expects this to pass as is so I will watch and wait but may have to do some serious financial gymnastics if the deduction situation stays the same.

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No clue, the calculator only tells me what I owe but doesn't compare it to what I pay now.

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Is your situation substantially changed from last year?

If not, do you know your tax liability from last year?

If not...........

standard deduction doubles and nice increase in child tax credit.

How does this affect an individual who is a sole proprietor?

It's useless speculation because when it gets to the Senate you won't recognize what's out there right now.

The majority poor to middle class will receive a substantial tax decrease. Those making 200K or above may not. Many businesses will pay less.