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In reply to the discussion: Calculator to see how the "tax cut" bill will affect you. [View all]Honeycombe8
(37,648 posts)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.
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my after-tax income increase is generally 1%, though negative after 10 years. yippee-do.
unblock
Dec 2017
#4
Am I the ONLY one with a tax increase? Very depressing. Misery loves company. nt
Honeycombe8
Dec 2017
#6
they actually backed off some aspects; fewer people will have tax increases than in earlier versions
unblock
Dec 2017
#10
The biggest hurt for me is the loss of deducting high sales tax in my parish.
Honeycombe8
Dec 2017
#8
Right, in those "high tax" states usually the sales tax and property tax aren't killers
uponit7771
Dec 2017
#23
There's not enough data for itemized deductions that's were they screwed people good
uponit7771
Dec 2017
#17
Same here, the calculator leaves out Texas with high property and sales taxes but no state income...
uponit7771
Dec 2017
#21
You have to have a kid to file as "head of household," I think. Don't you? nt
Honeycombe8
Dec 2017
#20
Right, word going around is they really screwed single working parents on this bill no matter what
uponit7771
Dec 2017
#38
I think you are doing something wrong. Even if you live in a high tax state, your taxes go down at
Hoyt
Dec 2017
#29
No. My income isn't high enough to give me a lower rate. Remember...this bill is
Honeycombe8
Dec 2017
#30
I see. Most folks in the lower income bracket don't itemize. I think that's the difference.
Hoyt
Dec 2017
#37
Overall our/my taxes go down by less than 1% until they go up by about 1.5%.
Freethinker65
Dec 2017
#31
Their goal was to force people to move from blue states to red states.
scheming daemons
Dec 2017
#33
Any calculation needs to include share of paying off the debt increase with interest.
L. Coyote
Dec 2017
#36
At least the mandate doesn't expire until 2019. Regarding Social Security & Medicare...
Honeycombe8
Dec 2017
#48