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How Much Will You Save Under The New Tax Plan ?

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posted on Dec, 2 2017 @ 09:34 PM
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I think everybody regardless of political leanings wants to pay less tax and keep more of their hard earned money.

TAX PLAN CALCULATOR


For example if you have 2 dependents and you are married with a joint income of 80K in Florida you will save about $2200 annually under the Senate Plan.

How much will you save ?
edit on 2-12-2017 by Blue_Jay33 because: (no reason given)




posted on Dec, 2 2017 @ 09:41 PM
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a reply to: Blue_Jay33

House plan - save $2191
Senate plan - save $1642

nice



posted on Dec, 2 2017 @ 09:42 PM
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We save nothing, we would be qualifying for money back but the total will remain 0. Either way with both of us retired we pay no tax.



posted on Dec, 2 2017 @ 09:53 PM
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a reply to: Blue_Jay33


I think everybody regardless of political leanings wants to pay less tax and keep more of their hard earned money.


Yeah, they generally do.

But the fact of the matter is it will do nothing to fix the wasteful spending of Government.
Add that to the fact that the cuts made to offset the loss of tax usually occur to the most vital services & programmes.

I’m being negative.
One thing at a time I guess.


Another thing to point out, because I certainly think it’s valid, is the idea that the cuts to the richest corporations will lead to job growth etc.
Of course this is definitely a possibility...

But considering that the richest corporations weren’t short for money in the first place, I don’t see that there was any legitimate reason for that to not have been happening anyways, regardless of tax cuts.

Basically, it’s wishful thinking, based on faith and a feeling of trust, rather than a guarantee.

Personally, I don’t really put a blind faith into the biggest corporations trickling down instead of hoarding upwards.
Because historically, that hasn’t been the case.
The ball is fully in their court now.
I’m pretty confident in saying greed will rule the day.

I hope I’m wrong!



posted on Dec, 2 2017 @ 09:55 PM
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why does the tax plan calculator ask me what state I live in, isn`t this a federal tax and applies to everyone regardless of what state they live in?



posted on Dec, 2 2017 @ 09:58 PM
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originally posted by: bluechevytree
why does the tax plan calculator ask me what state I live in, isn`t this a federal tax and applies to everyone regardless of what state they live in?





This is how they catch you out when you are fudging your income.



posted on Dec, 2 2017 @ 10:02 PM
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Did anybody see this? God, I hope this doesn't mean what I think it means. If it does I might really just cry.


Additional support for expensing – a key driver of economic growth


www.paul.senate.gov...

..


edit on 12/2/2017 by angeldoll because: (no reason given)



posted on Dec, 2 2017 @ 10:03 PM
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My family will pay more...
Our [progressive] tax rate will stay the same with less deductions...

I support the new tax plan because of the corporate rate decrease...
Personally it will do nothing to help our houselhold but I am glad to see others have lower taxes...

We are in a very lucky bracket and while I think it’s ludicrous to pay nearly 40% in taxes, more when our employers payroll tax is considered, I am not complaining...

Thankfully the market has been stupendous since trump was elected and will likely bridge the gap in the more taxes we are likely to pay...

-Chris



posted on Dec, 2 2017 @ 10:03 PM
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a reply to: Hazardous1408

you`re right about one thing, the government pisses away too much money and the voters are the one`s to blame for that.

with some taxes that amount to armed robbery,the government still needed to borrow 20 trillion dollars.
our elected representatives could tax us all at a %99 tax rate and it still wouldn`t be enough for them to provide us with the services we deserve and pay off the 20 trillion debt that they have run up.

all of our money wouldn`t be enough to fund the obligations that our representatives have shackled us with so just glad that they let you keep some of your money.




edit on 2-12-2017 by bluechevytree because: (no reason given)



posted on Dec, 2 2017 @ 10:07 PM
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a reply to: Blue_Jay33

My very rough estimate shows us saving $1100 under the House plan and $900 under the Senate plan. Basically I can probably expect to keep a little more than $50 bucks a month with the new plan. Which is fine. I'll invest that money into retirement funds and hopefully have a more comfortable retirement. If I die beforehand, my spouse will be comfortable, if we both die beforehand, my brother will be more comfortable. So all of that is fine.



posted on Dec, 2 2017 @ 10:10 PM
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originally posted by: bluechevytree
why does the tax plan calculator ask me what state I live in, isn`t this a federal tax and applies to everyone regardless of what state they live in?


Because it needs to know if you itemize and are currently relying on writing off your SALT.

Edit: Source: Accountant.
edit on 12/2/17 by Ameilia because: (no reason given)



posted on Dec, 2 2017 @ 10:12 PM
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Yeah, sorry I'm not going to trust a pro-Trump Fox News contributor.



posted on Dec, 2 2017 @ 10:16 PM
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So on average, people will probably save about 2k per year...

Which will more than likely be mostly spent at those richest corporations, who by the way will save millions, maybe billions a year...

Now, those two points, along with the yearly rise of the cost of living...


You seeing who the real winners are with these tax cuts, yet?
I’m sure it will sink in eventually.



posted on Dec, 2 2017 @ 10:21 PM
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a reply to: Blue_Jay33

I'd save around $2,200 based on the Senate plan... $1,500 under the House plan

Good to know (even though these are approximates)



posted on Dec, 2 2017 @ 10:21 PM
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a reply to: Blue_Jay33

I'd save 2,500.00

But Obama said I'd save that with Obamacare.




posted on Dec, 2 2017 @ 10:24 PM
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originally posted by: DBCowboy
a reply to: Blue_Jay33

I'd save 2,500.00

But Obama said I'd save that with Obamacare.






So you will save tax on your tax payer funded income. Nice.



posted on Dec, 2 2017 @ 10:27 PM
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a reply to: Blue_Jay33

Thank you for posting the calculator...

Current Tax System
You'd save $0

House Plan
You'd save $4,797

Senate Plan
You'd save $6,678



posted on Dec, 2 2017 @ 10:29 PM
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originally posted by: hopenotfeariswhatweneed

originally posted by: DBCowboy
a reply to: Blue_Jay33

I'd save 2,500.00

But Obama said I'd save that with Obamacare.






So you will save tax on your tax payer funded income. Nice.


Wrong again.

*yawn*

I work in the civilian marketplace now.



posted on Dec, 2 2017 @ 10:29 PM
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a reply to: Hazardous1408



But the fact of the matter is it will do nothing to fix the wasteful spending of Government.


At least we can agree on one thing. I would like to stop the pointless military spending most of all, however, I doubt you and I would agree on what constitutes a 'vital' social service.



posted on Dec, 2 2017 @ 10:30 PM
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originally posted by: Metallicus
a reply to: Blue_Jay33

Thank you for posting the calculator...

Current Tax System
You'd save $0

House Plan
You'd save $4,797

Senate Plan
You'd save $6,678


You're looking at around $500 a month mate. Nice!




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