The marvel of the GOP tax plan, and how it will affect me:

[guillaumeb]

On the GOP tax plan:

In 2016, the standard deduction for a married couple was $12,600.
The personal exemption was $4,050 per person. So, for a family of 3, that becomes a combined exemption of $24,750.

So under the new law, my former $24,750 drops to $24,000. That translates into an additional $750 in my income being subject to taxes.

For a family of 3 or more, add an additional $4,050 for each qualified dependent.

So a family with 3 children will see an additional $12,150 in income being subject to taxes.

Surprise, Trump voters!!!!!!!!!!! Enjoy your tax increase.

[Freethinker65]

1. TBH. Your tax bracket might have gone down.

Enjoy your 0 to $1000 for the next couple of years before you really see an increase. Hahaha

[guillaumeb]

6. True, but the increase in income subject to tax will offset that for many.

But will the average Trump voter realize it?

[flying_wahini]

2. I worry for all the suffering families that are barely making it now.

My husband just retired and we are not yet old enough to collect Medicare.
This could shape up to be a very bad rest of decade.
We must all get involved beyond the marches and get our young people to the polls!

[guillaumeb]

7. Agreed. Our children will suffer far more than us.

Speaking as a retired baby boomer.

[subterranean]

3. That's pretty much my situation, too.

Except the increase in my income subject to taxes will be more like $10,000 (I currently itemize). I doubt the small reduction in the tax rate will make up for that.

[guillaumeb]

10. True.

And the Trump voters will only realize what has happened in 2019, when they file for 2018.

[PoindexterOglethorpe]

4. I am pretty sure I won't be affected.

I'm retired. Social Security, a small pension, and income from investments. Last year I didn't have to pay any taxes. The higher standard deduction will benefit me if my investments make more money.

No matter that. This tax bill is an abomination.

[guillaumeb]

9. The tax bill is borrowing from our children to give a large gift to the 1%. eom

[Hoyt]

5. Havent you double counted the loss of exemptions. You have $750 additional

taxed if you don’t itemize. The reduction in tax rates should produce overall tax savings.

Now, there’s other crap in this plan that’ll screw us long-term.

[guillaumeb]

8. I was actually taking the number from my 2016 return.

The increase in the standard deduction will be offset by the loss of 3 personal exemptions for a net increase in income subject to taxation. And the loss will be bigger for families larger than 3.

[Hoyt]

11. But your loss is having to pay tax on only an additional $750. Thats about $250

additional in taxes, maybe only $75 if your taxable income is low enough. The 2 or 3% reduction in rates will more than offset that unless you end up with low taxable income.

[guillaumeb]

12. That depends on what the limits are for each bracket.

And for a larger household the income that is now subject to taxes will be larger.

Plus, the rates go back up for most people in 10 years.

[Hoyt]

14. I thought we were talking about you, not the Duggars. :)

[guillaumeb]

18. I was, but only as a personal illustration

of how the scam will unfold.

[dflprincess]

13. The local paper had the tax brackets in so I ran my numbers based on last year's income

(I never bother to remember what my gross income is, the only time I look at it is when I file my taxes).

So, using last year's number I would actually see a $2,000 drop in my Federal Withholding (single, no kids, always take the standard deduction. This is also assuming the part of my health & dental insurance my employer pays is still considered pretax)

But I'm not a savage and I don't think the approximate $80/check is worth cuts to CHIP and Medicaid or any other program that the Republicans attack. And, I'll admit there's some self interest, I was hoping to retire in 6 years or so and I'd like to have Medicare and Social Security there when I do - I'm already assuming my 401K will soon take a hit when this scam tanks the economy so I'm not planning on that being much help to me in my old age.

[guillaumeb]

16. Agreed with your points about the cuts to programs.

And Social Security and Medicare will definitely be a target as the GOP once again claims to be concerned about he exploding deficit.

[Hoyt]

17. I feel the same way. Truthfully, everyone but the lowest income

needs to be paying more, although weighted more toward upper incomes, to prevent cuts in those programs, growth of debt, etc. Military budget needs to be whacked too, even if it hurts our economy.

[Gabi Hayes]

15. In a brief spate of leavening, another William b: