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<blockquote data-quote="newfie" data-source="post: 3927298" data-attributes="member: 58700"><p><strong>how do you figure?</strong></p><p></p><p><a href="https://www.thebalance.com/trump-s-tax-plan-how-it-affects-you-4113968" target="_blank">How Trump's Tax Reform Plan Affects You</a></p><p></p><p>10 percent is the lowest rate</p><p></p><p>the next step up was reduced from 15 percent to 12 percent</p><p></p><p>the next step up from 25 percent to 22</p><p></p><p>the next step up from 28 to 22</p><p></p><p>In addition the following also help working families.</p><p></p><p>Trump's <a href="https://www.thebalance.com/tax-cuts-and-jobs-act-winners-and-losers-4163088" target="_blank">tax plan</a> <strong>doubles the standard deduction</strong>. A single filer's deduction increases from $6,350 to $12,000. The deduction for married and joint filers increases <a href="https://www.treasury.gov/press-center/press-releases/Documents/Tax-Framework.pdf" target="_blank">from $12,700 to $24,000</a>. It reverts back to the current level in 2026.</p><p></p><p>The Act <a href="http://www.washingtonexaminer.com/susan-collins-senate-tax-bill-will-include-bigger-medical-expense-deduction/article/2642308" target="_blank"><strong>expands the deduction for medical expenses</strong></a>. It allows taxpayers to deduct medical expenses that are 7.5 percent or more of income. Before the bill, the cutoff was 10 percent. Seniors already had the 7.5 percent cutoff. At least <a href="https://www.aarp.org/politics-society/advocacy/info-2017/senate-tax-overhaul-fd.html" target="_blank">8.8 million people</a> used the deduction in 2015.</p><p></p><p>The Act <strong>increases the Child Tax Credit</strong> from <a href="https://www.nytimes.com/2017/11/16/us/politics/house-tax-overhaul-bill.html?hp&action=click&pgtype=Homepage&clickSource=story-heading&module=a-lede-package-region&region=top-news&WT.nav=top-news" target="_blank">$1,000 to $2,000</a>.</p><p></p><p>It allows <a href="https://www.nytimes.com/2017/12/01/us/politics/senate-tax-bill.html?hp&action=click&pgtype=Homepage&clickSource=story-heading&module=a-lede-package-region&region=top-news&WT.nav=top-news&_r=0" target="_blank">parents to use <strong>529 savings plans</strong></a> for tuition at private and religious K-12 schools. They can also use the funds for expenses for home-schooled students.</p><p></p><p>It allows a <strong>$500 credit for each non-child dependent.</strong> The credit helps families caring for elderly parents.</p><p></p><p>It's estimated that <a href="https://www.forbes.com/sites/anthonynitti/2017/12/02/winners-and-losers-of-the-senate-tax-bill/#1d09a19a254d" target="_blank">94 percent of taxpayers</a> will take the standard deduction.</p><p></p><p><strong>you're like @Itty you just make <img src="/community/styles/default/xenforo/smilies/group1/censored2.gif" class="smilie" loading="lazy" alt=":censored2:" title="Censored2 :censored2:" data-shortname=":censored2:" /> up </strong></p></blockquote><p></p>
[QUOTE="newfie, post: 3927298, member: 58700"] [B]how do you figure?[/B] [URL='https://www.thebalance.com/trump-s-tax-plan-how-it-affects-you-4113968']How Trump's Tax Reform Plan Affects You[/URL] 10 percent is the lowest rate the next step up was reduced from 15 percent to 12 percent the next step up from 25 percent to 22 the next step up from 28 to 22 In addition the following also help working families. Trump's [URL='https://www.thebalance.com/tax-cuts-and-jobs-act-winners-and-losers-4163088']tax plan[/URL] [B]doubles the standard deduction[/B]. A single filer's deduction increases from $6,350 to $12,000. The deduction for married and joint filers increases [URL='https://www.treasury.gov/press-center/press-releases/Documents/Tax-Framework.pdf']from $12,700 to $24,000[/URL]. It reverts back to the current level in 2026. The Act [URL='http://www.washingtonexaminer.com/susan-collins-senate-tax-bill-will-include-bigger-medical-expense-deduction/article/2642308'][B]expands the deduction for medical expenses[/B][/URL]. It allows taxpayers to deduct medical expenses that are 7.5 percent or more of income. Before the bill, the cutoff was 10 percent. Seniors already had the 7.5 percent cutoff. At least [URL='https://www.aarp.org/politics-society/advocacy/info-2017/senate-tax-overhaul-fd.html']8.8 million people[/URL] used the deduction in 2015. The Act [B]increases the Child Tax Credit[/B] from [URL='https://www.nytimes.com/2017/11/16/us/politics/house-tax-overhaul-bill.html?hp&action=click&pgtype=Homepage&clickSource=story-heading&module=a-lede-package-region®ion=top-news&WT.nav=top-news']$1,000 to $2,000[/URL]. It allows [URL='https://www.nytimes.com/2017/12/01/us/politics/senate-tax-bill.html?hp&action=click&pgtype=Homepage&clickSource=story-heading&module=a-lede-package-region®ion=top-news&WT.nav=top-news&_r=0']parents to use [B]529 savings plans[/B][/URL] for tuition at private and religious K-12 schools. They can also use the funds for expenses for home-schooled students. It allows a [B]$500 credit for each non-child dependent.[/B] The credit helps families caring for elderly parents. It's estimated that [URL='https://www.forbes.com/sites/anthonynitti/2017/12/02/winners-and-losers-of-the-senate-tax-bill/#1d09a19a254d']94 percent of taxpayers[/URL] will take the standard deduction. [B]you're like @Itty you just make :censored: up [/B] [/QUOTE]
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