(12-06-2017 12:11 PM)BobL Wrote:  

(12-06-2017 10:23 AM)Dasville Wrote:  Just saying.

Depending on what happens during reconciliation ill either pay a little more or alot more in taxes.

I currently file as HOH with one dependent. That puts me in the 25% bracket, with two exemptions plus mortgage interest, property tax and charitable deductions as itemized deductions. My total itemized deductions are around 24k add the personal exemptions of 8k, thats 32k I am able to write off my gross.

As i understand the 2 bills

Under the House plan I lose property taxes and personal exemptions, which takes me from 32 K to 17K, tax rate stays at 25%.

Under Senate plan I lose personal exemptions which takes me from 32K to 24, tax rate goes to 24%.

You lose personal exemptions, but gain a standard deduction to $24K which is almost double what it was. You now have a 12% bucket for anything up to $90K, and a 25% bucket for anything above that (to about $250K)

Under the old plan, you had a $12K standard deduction. Then you had a 10% bracket to $18K, a 15% bracket to $76K, a 25% to $150K, a 28% to $233 and a 33% to $250K.

You will be hard pressed to find a scenario where you will pay more federal taxes under the new plan than you were under the old one. Even if you were to lose some overall deduction amount, the brackets are much better for those making up to $250K.