Calculator to see how the "tax cut" bill will affect you.

[Honeycombe8]

My taxes are going UP because of the tax "cut" bill, it looks like. Very depressing.

I was wanting to move, if I could afford this. This may force my hand, to move to a lower-tax state.

http://www.cnn.com/2017/12/13/politics/calculate-americans-taxes-senate-reform-bill/index.html

[brooklynite]

1. Link?

On the CNN calculator, it says my after-tax income goes up 7.3%

[Honeycombe8]

2. Oops! Correct to include it. LOL. A very important part of my post. nt

[Honeycombe8]

3. So you have a tax cut.

You either make more $ than I do, and/or you have kids, don't live in a high-tax state, etc.

I'm a retiree, so income is lower...single....high tax state (Louisiana...it's the SALES tax that's high in my parish, believe it or not)....no kids = tax INCREASE. About 2% increase.

[unblock]

4. my after-tax income increase is generally 1%, though negative after 10 years. yippee-do.

[Honeycombe8]

6. Am I the ONLY one with a tax increase? Very depressing. Misery loves company. nt

[unblock]

10. they actually backed off some aspects; fewer people will have tax increases than in earlier versions

but it's a whole lot of reshuffling for the 99% while the top 1% make out like bandits.

[GreenEyedLefty]

5. Our taxes are going down

It is not an insignificant amount either, BUT... I am not happy about this, at all.

[Honeycombe8]

8. The biggest hurt for me is the loss of deducting high sales tax in my parish.

I have 10.75% sales taxes...INCLUDING on food & prescriptions (altho that tax is 6%, not the full 11%). That translates into a LOT of money on a year to year basis.

It hurts to lose that deduction.

I'll probably move.

[Amishman]

18. Same, I save several thousand

But I know this is bad for the health our of country overall due to debt spending and shifting the tax burden away from corporations

[smirkymonkey]

7. Hmmm, I tried another calculator and got something completely different.

About half the increase % it is saying here, but it also asked me what state I lived in.

[Honeycombe8]

9. Link? nt

[smirkymonkey]

11. I don't have it, sorry.

I just plugged in my answers on a site, but didn't save it.

[Honeycombe8]

13. Hmmm...I don't know if it's helpful to ask your state.

Seems like that calculator is judging whether it's a high tax state based on state income tax. But MY high local tax is PARISH tax, not state, and it's SALES taxes, not income tax. It's about 11% on everything (highest in teh nation; if you buy a $30k car, your sales tax would be over $3,200), and 6% of that is on the necessities of GROCERIES and MEDICATION (most states don't charge sales tax on those items).

[uponit7771]

23. Right, in those "high tax" states usually the sales tax and property tax aren't killers

[jpak]

12. Down by 3.2%

Oh Joy.

A New Mercedes is in my future!

[Honeycombe8]

14. It's beginning to look like it IS a tax cut bill for most. nt

[uponit7771]

17. There's not enough data for itemized deductions that's were they screwed people good

[Honeycombe8]

19. Yes...I itemize. I'm retired....

with an investment account, and a homeowner. So I itemize. I also have HIGH local taxes, which WERE a deduction, but no more.

The Congress people thought that only blue states were high tax states, and they looked at income taxes only. But I live in a red state, and it's the LOCAL SALES TAXES that are high (highest in the nation).

[uponit7771]

21. Same here, the calculator leaves out Texas with high property and sales taxes but no state income...

... tax.

The doubling of the standard isn't going to help there

Also single people with a child who itemize are really screwed no matter what state the live in according to this calc

[uponit7771]

15. WOW !!! If you're a head of household with no children you're screwn !!!

[Honeycombe8]

20. You have to have a kid to file as "head of household," I think. Don't you? nt

[uponit7771]

22. No, just a dependent

[Honeycombe8]

27. Same thing, isn't it? A kid is a dependent. ???

Or I guess you mean a disabled adult would qualify as a dependent?

[uponit7771]

38. Right, word going around is they really screwed single working parents on this bill no matter what

... state they're in

[onecaliberal]

16. Fuck these pricks

your taxes will go up, pushing your after-tax income down 0.3%

[mcar]

24. Our taxes will go down, income up - at least till '27

It's still an atrocity.

[ProfessorGAC]

25. Down

But, we've been in the same house for 30.25 years and paid off the mortgage 17 or 18 years ago. So we don't itemize.

People with high payments for taxes and interest are still going to get the shaft.

My decrease in taxes declines steadily until it becomes an increase in 2025.

So, while this plan personally benefits my wife and i slightly, i don't care. It's still bad fiscal policy, and i don't vote for only what is good for me. There's this whole "promote the general welfare" thing in the Constitution and i'm all in on that.

[wryter2000]

26. Down a little for two years

Then up an insignificant amount. The difference would be if I had to rely on the ACA for health care. Premiums will have to soar without the mandate

[ProfessorGAC]

28. Second Post On This

Out of curiosity, i reran the calculator for $40-75k, filing jointly, with one kid, in a high state tax area.

Those folks are getting hammered with 10.3, 11.7, and 12.1% REDUCTIONS in after tax income in years 1 through 3. The taxes go up!!!! So much for the middle class tax cut.

There's a 0.4% increase in the 6th year, and then goes slightly negative again for the rest of the time period.

Then i ran it with the >$500k scenario, no kids, filing jointly, and not in a high tax state!

The first 8 years shows tax reductions amounting to a post tax increase of 9.2 - 10.5% for 8 of the 10 years. Then it becomes a tax increase in the last 2 years of around 0.15%.

And this is not supposed to be a tax cut for the rich? Ridiculous.

[Honeycombe8]

46. Wow. You did some good research there. nt

[Hoyt]

29. I think you are doing something wrong. Even if you live in a high tax state, your taxes go down at

almost every mix of parameters.

Not saying this bill is good overall, but I don't think taxes are going up for vast majority of people over the next 8 years or so.

[Honeycombe8]

30. No. My income isn't high enough to give me a lower rate. Remember...this bill is

skewed toward the higher income you have, the more likely you are to get a cut.

My income not high + high tax state + I itemize (have to) + no dependents = higher income tax. It's elementary, my dear Watson.

I didn't "do it wrong." I just clicked on the appropriate boxes. Twice.

I then tried it with a higher income (not MY income), and that resulted in a slight DECREASE in taxes.

[Honeycombe8]

32. No, I didn't say it would increase taxes for most. I said it would for ME.

It's the unique parameters:

lower income + no kids + you have to itemize + high tax state = income tax increase. Because you lose the high tax deduction, and you don't benefit from KIDS and such, and LOWER INCOME rate is slightly higher, I htink.

Remember, it did away with not just the HIGHEST rates, but also the LOWEST rate of tax, I think.

[Hoyt]

37. I see. Most folks in the lower income bracket don't itemize. I think that's the difference.

Sorry.

You could "marry" a DACA immigrant and both of you would benefit.

[Honeycombe8]

41. LOL. But then I might have to support him!!! LOL. nt

[Freethinker65]

31. Overall our/my taxes go down by less than 1% until they go up by about 1.5%.

Not nearly enough savings to offset thousands of extra $$$ I will be paying if I decide to purchase health insurance on the open market with no ACA (with a pre existing condition) when my husband retires and I lose his employer coverage.

And the deficit created by this MillionaireCare tax scheme will lead to severe cuts in Social Security and Medicare, so essentially my life is screwed, so that he and others get to use a pass through for his investment holdings along with reduced corporate rates with no strings attached and plenty of additional loopholes untouched. Oh, and I currently live in Illinois, one of those blue high tax states that will get screwed as housing prices take a hit (have read the decrease in value will be from 10-20 %).

But the CNN model does not factor in those things. It admits it does not include those and other factors, so is essentially useless to compare much of anything.

[scheming daemons]

33. Their goal was to force people to move from blue states to red states.

To build up the electoral power of red states and diminish it in blue states.


That's a real goal of this legislation.

[EllieBC]

40. You got it!

It's to punish people living in high tax states which are usually blue states.

[Honeycombe8]

42. Louisiana is a high tax red state.

But you have to research it to know that. It's not the state income tax. It's the extremely high sales taxes in some areas, including in the necessity areas of groceries and prescriptions, which most states don't tax at all.

My sales tax is 10.75%. Groceries & scripts are 5.75%. That can add $2k a year in sales taxes a year for just me...$20,000 in 10 years.

It also has a state income tax.

But what you'll hear most about is the low property tax. It's lower, but not that much lower, and doesn't make up for the extremely high homeowner's insurance (it's a hurricane area).

Texas is a good red state to move to, if you're going to move to one.

[FBaggins]

34. This calculator isn't nearly detailed enough to give you useful answers

It's just giving you the average for people within those categories... YMMV (significantly).

[MontanaMama]

35. Well my taxes are going down

and after tax income will go up 2.8%. However I wonder if the widget works accurately because of the nebulous nature of the last question about higher state and local taxes...what constitutes “high”? We have no sales tax in Montana but our income tax and property tax is obnoxiously high. I got significantly different results depending on if I checked or unchecked that question about height state and local taxes. I’m skeptical.

Even if my taxes go down a tiny bit, this turd of a bill is so bad for our country. Bad for morale. Bad for children especially kids at risk. It sickens me.

[L. Coyote]

36. Any calculation needs to include share of paying off the debt increase with interest.

[Qutzupalotl]

39. Does not include health insurance increases resulting from

repealing the ACA mandate. God help those who have to buy on the exchanges. My bracket was up about 20%. That’s only going to get worse unless this thing is reversed.

On edit: and they’re going to gut Social Security and Medicare. That’s what will screw everyone and turn even Republican voters against them.

[nolabels]

44. The other part that is baked into the cake

People with health care provided by an employer probably get it in the shorts also. Many employers just pass the increase in health care back to the employee because it is prohibitively expensive for them.

When the government takes money out of one part of the equation in health care the bill will always get transferred to another place. The tycoons who own doctor groups, health care plans and hospitals just raise the rates elsewhere.

Over and over again many employers tell the employees they will not be able to get any cost of living increases or raises because all the extra profit is going to pay for healthcare

[Honeycombe8]

48. At least the mandate doesn't expire until 2019. Regarding Social Security & Medicare...

It's going to be hard to get all Republicans to go for deep cuts, which is what they want. It would kill their careers. Those whose careers aren't killed by this tax bill.

But they're going to use THIS tax bill as an excuse for going after SS & Medicare. They will not rest until they have it ALL, and we will have the poor in the streets begging. That can happen in democracies (India is an example; Mexico is another).

"I have MY money, and none of you losers can have ANY of it!!!" That's the economic policy of the Republican Party.

[ClarendonDem]

43. Our taxes go down

And after-tax income increases pretty significantly for the first 5-6 years. It looks like this bill will result in savings for some people, though no idea what percentage of folks will save. Still don't support this bill though.

[Johnny2X2X]

45. After tax income? It's BS

After tax income is dubious as a metric at best. They're assuming you will get a raise directly because of this bill. Taxes paid is the only way to measure this.

[Roland99]

47. Middle of 4th income bracket. 2 children elegible for tax credit. Itemize.

In 2018, your taxes will go down and your after-tax income will go up 4.8%.
Looking to 2027, your taxes will go up, pushing your after-tax income down 0.1%.