Quote:
Originally Posted by Schneed10
Important to note though that the calculator is intentionally simplifying things to make it digestible. Here's where there's some nuance:
- if you live in a state where there are high local taxes (at the state or local level), you're going to get hurt because it caps the deductions you can take for these if you're itemizing. Strategically smart for the GOP to hit these people because they weren't likely to vote GOP anyway.
- If you are single with no kids, you're much more likely to get hurt than you are if you're married with kids. The family and child tax credits are what causes most in the lower to middle income brackets to get any benefit. If you don't have walking tax deductions then you are more likely to get stung.
- If you own stock, have parents that may soon pass an inheritance down to you, or have real estate investments you stand to benefit significantly. Lower corporate taxes, lower estate taxes, and the elimination on certain real estate taxes.
- If you're in the 95th - 99th percentile in terms of household income, you make out better on a % basis than any other income group.
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the calculator supposedly takes the state into effect, and checking it, states like NY and NJ do show a hit
Likewise it takes into account status and kids.
I'm actually not sure right now where my kids fall due to ages and divorce stuff, so I looked at both, and by the calculator as a single middle income guy with no kids in MD, I should still see some benefit, granted not as much as if I claim Head of Household with kids.
But that's always been the case...
I will say this, I know that where I fall, I am the least likely to see a positive note from this tax bill, I'm neither rich nor poor, nor overly invested, or needing/qualifying for government help. Yet I am still for any reduction overall in taxes, and I would like to see a similar reduction in overall spending. Unfortunately, while I would love to see the sequestration continued, and other programs take similar cuts, Trump is not going to cut military spending, and the democrats are not going to cut social spending so up goes the debt
