A little bit underwhelming :lol:
https://www.wsj.com/articles/what-the-republican-tax-plan-means-for-you-1509629815
http://archive.is/bKaA6
MFJ:
12% up to $90,000
25% up to $260,000
35% up to $1,000,000
39.6% over $1,000,000
Standard deduction $24,400, no personal exemptions.
For us it ends up being a bit of a side step for me just on the brackets, maybe a savings of four or five grand. But once you eliminate state tax deduction, it might be a bit of a net tax increase. Upping standard deduction to $24,400 throws a bit of a wrench into that calculation, may put us just taking the standard deduction until our charitable gifts increase in the future.
https://www.wsj.com/articles/what-the-republican-tax-plan-means-for-you-1509629815
http://archive.is/bKaA6
MFJ:
12% up to $90,000
25% up to $260,000
35% up to $1,000,000
39.6% over $1,000,000
Standard deduction $24,400, no personal exemptions.
For us it ends up being a bit of a side step for me just on the brackets, maybe a savings of four or five grand. But once you eliminate state tax deduction, it might be a bit of a net tax increase. Upping standard deduction to $24,400 throws a bit of a wrench into that calculation, may put us just taking the standard deduction until our charitable gifts increase in the future.
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