Poll: Will Trump’s proposed Tax Brackets Help or Hurt you?
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Will Trump’s proposed Tax Brackets Help or Hurt you?
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15-12-2016, 08:51 PM (This post was last modified: 15-12-2016 08:58 PM by Full Circle.)
Will Trump’s proposed Tax Brackets Help or Hurt you?
[Image: 1-trump-tax-changes-f-954b.jpg]

Notice how the very poorest get their tax bumped up 2% and the two higher tiers get taxes reduced by 7% & 2%. Consider Didn’t see that coming. :roll eyes:
https://howmuch.net

“I am quite sure now that often, very often, in matters concerning religion and politics a man’s reasoning powers are not above the monkey’s.”~Mark Twain
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15-12-2016, 08:55 PM
RE: Will Trump’s proposed Tax Brackets Help or Hurt you?
Is there not a chart for Head of Household filers?

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15-12-2016, 08:58 PM
RE: Will Trump’s proposed Tax Brackets Help or Hurt you?
(15-12-2016 08:55 PM)Escape Artist Wrote:  Is there not a chart for Head of Household filers?

The article doesn’t say.

“I am quite sure now that often, very often, in matters concerning religion and politics a man’s reasoning powers are not above the monkey’s.”~Mark Twain
“Ocean: A body of water occupying about two-thirds of a world made for man - who has no gills.”~ Ambrose Bierce
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15-12-2016, 09:30 PM
RE: Will Trump’s proposed Tax Brackets Help or Hurt you?
Highly misleading and incomplete picture. The most important part is this (at least the web site links to Trump's plan to find out what it explicitly says the graphs do not take into account):

Quote:Deductions

The Trump Plan will increase the standard deduction for joint filers to $30,000, from $12,600, and the standard deduction for single filers will be $15,000. The personal exemptions will be eliminated as will the head-of-household filing status.

In addition, the Trump Plan will cap itemized deductions at $200,000 for Married-Joint filers or $100,000 for Single filers.

So head of household status is eliminated in answer to one person's question.

Such a large increase in standard deduction will greatly lower taxes on low income taxpayers.

And the cap on deductions is a HUGE tax increase on the wealthy and those who do not pay anywhere near the tax rates they otherwise would due to their deductions. I was not aware of those aspects of the reforms Trump was proposing, and frankly, it addresses a lot of the inequity in the system Democrats pretended to care about until Trump proposed his plan.
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15-12-2016, 09:37 PM
RE: Will Trump’s proposed Tax Brackets Help or Hurt you?
Don't know the answer to that. My money people have lost about 1/8 of my retirement fund in two years. Angry That's a non-trivial amount of money. Needless to say, I'm not a happy camper. I'm looking for a new investment company.
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15-12-2016, 09:48 PM
RE: Will Trump’s proposed Tax Brackets Help or Hurt you?
Wow, well - shit. I don't know if this'll hurt or help me. Currently I file as Head of Household and I do take exemptions (though I can't recall exactly how many, I know it's not zero). Jesus. Really hope this doesn't hurt me. Maybe my income is low enough that I'll be okay?

Worried. Sad

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15-12-2016, 10:18 PM
RE: Will Trump’s proposed Tax Brackets Help or Hurt you?
I don't even care.
I have no problem paying taxes. I do have a problem when I am paying a higher percentage than people or companies that make HUGE amounts of money and know how to shuffle income around so it looks like they make way less than they do.

And I am self-employed so I automatically pay more than an employee at a company. I still don't have a problem with paying taxes so people can get healthcare, an education and we have decent roads and buildings. If that makes me socialist, then I guess I am a socialist.

Would still love to see trump's tax returns...

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15-12-2016, 10:30 PM
RE: Will Trump’s proposed Tax Brackets Help or Hurt you?
I have no problem paying taxes, but if these brackets get switched all around and I lose being able to file HOH or take exemptions, I don't see how this won't affect me negatively. Undecided If I take a cut in take-home income, then my family's quality of life suffers.

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15-12-2016, 10:44 PM
RE: Will Trump’s proposed Tax Brackets Help or Hurt you?
(15-12-2016 10:30 PM)Escape Artist Wrote:  I have no problem paying taxes, but if these brackets get switched all around and I lose being able to file HOH or take exemptions, I don't see how this won't affect me negatively. Undecided If I take a cut in take-home income, then my family's quality of life suffers.

Sad I hope that doesn't happen. I definitely understand your concern.

"If you don't have a seat at the table, you're probably on the menu."

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15-12-2016, 11:00 PM
RE: Will Trump’s proposed Tax Brackets Help or Hurt you?
Me and Rev might really have to get married for the tax breaks... Unsure

Anyway, no panicking right now. Can't allow myself to do it. Just, sure would suck to finally get myself to a good position financially only to watch it all get sucked down the drain. Undecided

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