CNN Tax Bill Calculator - Do your taxes go up or down?

[madville]

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

Check out this CNN tax calculator and see what effect the proposed tax bill will have in your situation. My taxes go down and my net income increases 5.8%. I have a simple return though. After 10 years though they rise 0.6% but it would take awhile at that rate to bite into the immediate short term gains.

[Kaleva]

1. I don't earn enough to pay taxes but the calculator says my taxes will go down.

[Binkie The Clown]

15. Me too. I haven't paid anything in taxes for 10 years. I have virtually no income. nt

[JenniferJuniper]

2. Minuscule impact - almost none.

Now or later.

[Flaleftist]

3. Down a little and up in 2027.

It’s not worth what they want to cut and the additional debt. I don’t need the cut.

[ProudLib72]

4. It's more important to compare brackets

My my, I would be rolling in the dough if I were in the top bracket. Plus, in 10 years, I would be paying the same rate as I would be if I only made $30K.

Someone explain to me how this is sustainable.

[Xolodno]

5. I get to buy and extra bottle of nice wine..

in 2018.

Then not so good the year after and then the year after that. Then it stabilizes for a few years. Then 2026, I'm out of nice wine and looking at the bottom shelf. Given the deficit probably caused by this, I expect the gains to be cut short and buying the box wine.

[marybourg]

6. Not enuf info yet for me to know,

since I need the medical expense deduction to remain in place, otherwise I and about 9 million other taxpayers will be paying lots more, about $6000 more a year for my spouse in long term care and me. This would drastically afffect our financial security. But hey, winners and losers, right?

[tritsofme]

7. I'd like to hear the details about SALT

Whether you can deduct property tax and state income tax combined up to $10,000, or just one or the other up to $10,000. Also how that $10k limit applies to individual vs joint filers.

Our property tax is greater than $10,000, so we are already getting screwed in this bill, but there have to be tons of middle and upper-middle class taxpayers in states like Illinois that are going to get a tax increase even given the rate relief.

[roamer65]

18. California.

It has a graduated state income tax that peaks out around 9 or 10 percent.

This bill will turn many Californians downright hostile towards the Pedo Party.

[Clarity2]

8. Did the gop put this out

because it doesnt make much sense, not taking into account loss of certain deductions. If the bill limits 10k total in salt/property tax deductions like its purported, then the calculator is inaccurate because it also doesnt ask for the amt you pay for that.

We would get a 1.8% decrease, but Im figuring that would be wiped out and more since we go over that 10k limit. Maybe I’m wrong but it doesnt spell out if the calculator is taking any of that into consideration. It aludes it is taking state and local taxes into consideration but nothing else.

Im no expert, but it seems to be more like a baseline missing many variables or using hidden averages (i.e. property taxes that can vary wildly) that dont apply to everyone.

[rufus dog]

10. No way, this thing is really cool, not propaganda at all!

My income will go up 5% WOOO HOOO!

Oh wait, I live in CA so my house value, my biggest asset, will drop by 20%!

Shit, when I factor that into it I take it in the ass!!!

Of course those mother fuckers at CNN would claim that is too complex of a situation so they would rather put out this bullshit.

[still_one]

12. It is bullshit rufus. A large number of people who itemize deductions todays, will

end up with either no reduced tax, or significantly increased taxes because they have eliminated the personal exemption.


That effect will also be amplified more for those where SIT, interest on home equity loans, and medical expenses are significant.

It will also take away the charitable contribution benefit they now receive if they itemize deduction.

Removal of the ACA mandate means that premiums will most likely go up higher than they are now, and the removal of funding of SCHIPS will hurt thousands of children who depend of it.

This is a hoax perpetuated on the public with the help of the MSM, because they are not telling the full implications of what this bill will do.

[Clarity2]

14. Yeah, that will be the second kick in the arse

That those in high state income tax/property tax states will lose value in their home, not be able to afford to stay, then not be able to sell because they will either be upside down on their mtg, or will take a huge loss. That could be us too.

The bill all around sucks. Medicare/medicaid cuts, aca mandate gone, etc etc.

[smirkymonkey]

9. They go down a little bit and up after 2027.

Not enough to justify all the cuts they are making in social programs. Most people aren't even going to notice these "cuts", especially if they have no dependents. This tax bill is nothing but a scam perpetrated on the poor and middle class. Boy are the deplorables going to be pissed when they find out that their "Big, Beautiful Tax Cuts" are not so big after all.

[still_one]

11. The calculator is flawed. A whole group of people who currently itemize deductions will be paying

more taxes with the new republican plan then they currently do. Some significantly more. People in that category are mostly middle class, and they will realize higher taxes. The reason is because the personal exemption is being removed.

As an example. Under the current plan, if someone has itemized deductions of 22,000, the income they would be taxed on would be minus the 22000 minus the personal exemption. For a couple filling a joint return that would amount to a total of 8100 + 22000 = 30100, which is subtracted from the AGI.

Under the new plan it would be 24000, which is subtracted from the AGI

A whole set of people in that category would be paying either more taxes, on no tax benefit then they do now.

In addition, if they remove the medical deduction, the SIT deduction, and interest on Home equity loans which many people use for their children's college, medical expenses, and home improvements, that effect would be amplified even more.

Since they are removing the insurance mandate on the ACA, people will be paying even higher premiums then they are paying now, and if they remove SCHIPS, the children's health insurance program funding, people in those categories will most likely have any tax benefit transferred to pay for medical expenses. It is also ambiguous if subsidies will still be given to people less than a certain income.

The other flaw that this calculator cannot calculate is the impact of the deficit that this tax bill will create. The republicans indicate that the tax break to the most wealthy and corporations will spur hiring, and that will meant the deficit will no increase. That is a fallacy, and has been shown to be a complete disaster, not only under reagan-nomics, but also when Oklahoma and Kansas tried that experiment. Not only didn't it create new jobs, but it increased the debt. Corporate executives did benefit with increased bonuses though.

Jobs are NOT created by tax cuts. Jobs are created when a companies products or services is in demand, not because of tax cuts. Companies do NOT hire people because of tax cuts. Unfortunately, no one hears much about this, so many are under the illusion that this will be some kind of incentive to the economy.

[MichMan]

13. I am seeing a decrease in mine

States my income would increase by 2.3 %

We have no dependents and haven't been able to itemize for many years. We usually have to pay 1K every year when we file. It will be nice to not have to do that anymore.

[LiberalFighter]

16. I'm on Social Security and doubt that calculator takes that into account.

[roamer65]

17. Middle class folks in CA, NY, NJ, the New England states are gonna take it in the chin.

Especially CA. Anyone with a significant graduate state income tax and property taxes together will feel the bite as well.

[tblue37]

19. Taxes down 2.2% until 2026, then up 0.3%.

In 2018, your taxes will go down and your after-tax income will go up 2.2%.
Looking to 2026, your taxes will go up, pushing your after-tax income down 0.3%

Too bad I am not rich. Then my taxes would go way down and my after tax income would go way up.

[Awsi Dooger]

20. Down several percent until a rise in 2027

I don't care. Screw this bill. My taxes fluctuate anyway because so much of it is gambling income.