"To help provide a sense of how the Tax Cuts and Jobs Act would impact real taxpayers, we've run the taxes of eight example households," the foundation explains. "Our results indicate a reduction in tax liability for every scenario we estimated, with some of the largest changes in after-tax income accruing to moderate-income families with children."
The foundation says each type of family it scored had realistic characteristics so it could show how the bill's individual income tax provisions would impact various types of families with different incomes.
More here with examples..
9 comments:
Nearly....
If you are a two-earner household with a decent combined income (> $200k for example) and a home, the SALT cap will get you on what you paid the state and were previously able to deduct from your Federal burden!
Lets EXEMPT ALL Demon-crats from Any of the Tax Bill
Benefits ...they Don't Deserve Any of it !!!!
And don't forget next fall that EVERY single Democrat voted against it!
question of the day. who's sexier, Hillary or nancy?
10:09...how many of those households even exist on the shore? My WIfe and I both make what I consider a good living, and aren't even close to 200k
10:09-The higher standard deduction will make itemizing no longer financially beneficial for most filers -- making the cap on the SALT moot.
The State of Maryland is the "tax burden", not the federal gov't.
People in each state need to get on their lawmakers about lowering taxes,think Maryland democrats would?
I just got my Social Security bonus and I wasn't even expecting it.$500 after taxes will come in handy.
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