Politics & Government
HOW will you do?...Calculate how does the Tax Reform impacts you?
Although tax relief disappears for the middle class after a few years, you can calculate your temporary relief under the current plans
Many have criticized the current tax reform proposal as corporate tax give-a-way, and it is very hard to dispute that this give-a-way as corporations see a forty percent (40%) tax relief from a statutory rate of 35% to 20%. Few understand that almost none of the corporations pay this statutory rate, and that according to the Congressional Budget Office, the average rate is actually already below 20% after deductions, and that UNLIKE citizens who must forgo most deductions for their modest cut, the corporations get both--the huge tax cut which is at least 4x the individuals tax cut, and the corporations get to keep the deductions that will reduce their rates even further.
A full discussion on how this will not aide the economy or result in substantial long-term investment in US is topic of other articles, but the question is that in exchange for temporary individual cuts, what would you net rate be. Many have pulled out their past taxes and compared their past rate with deductions to the new proposal with less deductions. So each can decide for themselves, get your taxes, enter the numbers and see how you fair:
