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The Water Cooler
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Finally we're getting somewhere with tax reform
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<blockquote data-quote="Hobbes" data-source="post: 3063111" data-attributes="member: 3371"><p>The final tax bill is out there.</p><p>CNN Money, NYT and WP have had it posted since yesterday.</p><p></p><p>Mine is easy to figure since I am single with the same income as the last 2 years and I never am able to itemize so I always use the standard deduction.</p><p></p><p>I'm in the 12% marginal tax bracket so it's a straight forward calculation.</p><p></p><p>The difference in the current tax system</p><p>$6350 standard deduction plus $4050 personal exemption = $10,400</p><p></p><p>Versus the new tax bill</p><p>$12,000 standard deduction</p><p></p><p>So my taxable AGI will be $1,600 lower and at the 12% tax rate will save me</p><p>$192 a year, or $16 per month.</p><p></p><p>Some people will do better and some will be worse.</p><p></p><p>Keep in mind though, they are switching to chained CPI with this bill and over time the brackets will rise slightly slower.</p><p>Which means if you will be working for 10 years or more, your wage increases will push into the next higher bracket sooner than with the current CPI calculation method.</p><p>If you are retired or nearing retirement it probably doesn't matter since you have already reached your peak earning potential and you'll never creep into that next bracket anyway.</p></blockquote><p></p>
[QUOTE="Hobbes, post: 3063111, member: 3371"] The final tax bill is out there. CNN Money, NYT and WP have had it posted since yesterday. Mine is easy to figure since I am single with the same income as the last 2 years and I never am able to itemize so I always use the standard deduction. I'm in the 12% marginal tax bracket so it's a straight forward calculation. The difference in the current tax system $6350 standard deduction plus $4050 personal exemption = $10,400 Versus the new tax bill $12,000 standard deduction So my taxable AGI will be $1,600 lower and at the 12% tax rate will save me $192 a year, or $16 per month. Some people will do better and some will be worse. Keep in mind though, they are switching to chained CPI with this bill and over time the brackets will rise slightly slower. Which means if you will be working for 10 years or more, your wage increases will push into the next higher bracket sooner than with the current CPI calculation method. If you are retired or nearing retirement it probably doesn't matter since you have already reached your peak earning potential and you'll never creep into that next bracket anyway. [/QUOTE]
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