tax bracket rate changes income trump harris (rollback) <11.6k 10% 10% <47.1k 12 15 <100.5k 22 25 <191.9k 24 28 <243.7k 32 33 <609.3k 35 35 >609.3k 37% 39.6% Let's figure out what the total tax in the brackets are bracket $inbracket Trumprate Tbrackettax Harrisrate Hbrakettax 0 11600 11600 0.1 1160 0.1 1160 47100 35500 0.12 4260 0.15 5325 100500 53400 0.22 11748 0.25 13350 191900 91400 0.24 21936 0.28 25592 243700 51800 0.32 16576 0.33 17094 I only went up to around 200k, maybe married couples that both work earn up here. And those making more probably have accountants and tax advisors figuring out where to hide their money from the tax man. Us regular folks just wind up at the mercy of the tax code. Standard deduction from 2023 $27,700 – Married Filing Jointly or Qualifying Surviving Spouse $13,850 – Single or Married Filing Separately And remember if you are trading stocks on Etrade, robinhood or others and you don't hold them for at least a year .. well, that is income and not treated as capital gains so add those profits to your gross. Let's do some math! Single, renter no deductions other than standard (medical bills and state taxes don't exceed threshold. No kids. Woot! if you make 13850 or less .. No tax for you! Refund time Otherwise Tax Totals Income deduction AGI Trump Harris 24000 13850 10150 1015 1015 30000 13850 16150 1706 1842.5 40000 13850 26150 2906 3342.5 50000 13850 36150 4106 4842.5 60000 13850 46150 5306 6342.5 75000 13850 61150 8511 9997.5 90000 13850 76150 11811 13747.5 120000 13850 106150 18524 21417 150000 13850 136150 25724 29817 180000 13850 166150 32924 38217 210000 13850 196150 40464 46829.5 Well, how about if you are married, again, you don't have deductions greater than the married filing jointly standard deduction you get a bigger tax deduction but oh man we know that two people can spend money and the extra 13k still isn't going as far as you wish. Here are your numbers. if you make 27700 or less .. No tax for you! Refund time Tax Totals Income deduction AGI Trump Harris 30000 27700 2300 230 230 40000 27700 12300 1244 1265 50000 27700 22300 2444 2765 60000 27700 32300 3644 4265 75000 27700 47300 5464 6535 90000 27700 62300 8764 10285 120000 27700 92300 15364 17785 150000 27700 122300 22400 25939 180000 27700 152300 29600 34339 210000 27700 182300 36800 42739
Oh, and the above is just federal. Your state could make it even worse. I'm looking at you kommifornication!
The federal government thieves have now run the national debt up to the point the interest on that debt hit an all time high ---1 trillion dollars --How long can we continue to do this without the house of cards falling
Column 4 is the current tax rate which is trumps tax cut. Column 5 is the roll back back to obama/biden rates which harris supports. so column 4 is today. column 5 is harris. And I'm assuming that if trump gets in office he'll get the sunset extended. but he could change.
Political ads here are saying he’s going to add a sales tax. Is that something is he is proposing? I’m in favor if it eliminates the income tax. (I am making every attempt to avoid news, but can’t help but see adverts everywhere)
The media is spinning his Tariff plan as a 'sales tax' When you add a tariff on an imported good it actually is the consumer who pays for the tariff through a higher price for that good. This can be avoided by the consumer by not buying that product. Tariffs are double edge swords. It it suppose to keep the export nation from dumping and undercutting domestic manufacturers but it usually involves the domestics to also raise their prices to match the cost of the imported goods .. and that's usually not good for the consumer. But the 'sales tax' is media spin to make it seem evil .. even though all administrations do it. I actually think that the biden/harris admin just raised the tariff on Canadian softwood imports in the past few weeks. And that eventually will lead to higher lumber prices in some regions.
Tariffs are indeed double edge swords, but they also can be used to grow a nation's own manufacturing in specific areas, especially when used with tax incentives. While some domestic manufacturers indeed will raise their prices to match the higher price of the import for the short-term gain others will drop or keep current prices in order to gain more market share which is much more lucrative in the long-term. Plus, it puts extreme pressure on the nation where the imports originate to open their markets to other nations, so trade isn't a one-way street...like China. Yep! A higher tariff on Canadian wood will indeed lead to higher lumber prices. I am not sure how Canadian can undercut the American wood industry in pricing, doesn't make sense when you think about it, but I would bet it has something to do with government incentives/taxing/assistance. Normally, I am against tariffs, but let's face it, America has been taken advantage of in trade for many, many years. Tariffs are good way to bring things back in balance as long as they don't go crazy about it. For example, cars. One can make the argument, the competition of Japanese cars actually improved the American car industry which definitely benefits the customer. Interesting topic!
Smoot-Hawley Tariff Act | History, Effects, & Facts | Britannica bad bit of legislation. The Smoot-Hawley Tariff Act raised the United States’s already high tariff rates. In 1922 Congress had enacted the Fordney-McCumber Act, which was among the most punitive protectionist tariffs passed in the country’s history, raising the average import tax to some 40 percent. The Fordney-McCumber tariff prompted retaliation from European governments but did little to dampen U.S. prosperity. Throughout the 1920s, however, as European farmers recovered from World War I and their American counterparts faced intense competition and declining prices because of overproduction, U.S. agricultural interests lobbied the federal government for protection against agricultural imports. In his 1928 campaign for the presidency, Republican candidate Herbert Hoover promised to increase tariffs on agricultural goods, but after he took office lobbyists from other economic sectors encouraged him to support a broader increase. Although an increase in tariffs was supported by most Republicans, an effort to raise import duties failed in 1929, largely because of opposition from centrist Republicans in the U.S. Senate. In response to the stock market crash of 1929, however, protectionism gained strength, and, though the tariff legislation subsequently passed only by a narrow margin (44–42) in the Senate, it passed easily in the House of Representatives. Despite a petition from more than 1,000 economists urging him to veto the legislation, Hoover signed the bill into law on June 17, 1930.
Local high school sent out letters to our small town. The want a remodel so they want us to vote yes on a new tax to pay for it. My thoughts are im already taxed enough. And i dont even have any dang kids. They aint getting my vote!
Yep, they want to sell a bond to pay for the work, taxes to pay for the bond, and a buddy is going to do the work. At least that is what happened here a couple of years ago.
Yea and they always use Oh but it's for the children --they have these fancy schools and they still produce uneducated dummies
Astro-turf high school football stadiums, weight rooms rivaling the US Olympic training facilities are a sign of the times. Also falling test scores. Monuments to man’s stupidity?
Not even a huge school at all, town populations right around 2000 people. Seems like the graduating class gets smaller every year.
Just ran a calculator on that yesterday. For the 22% tax rate up to $201,050 your're gonna pay $5273 more. At the 24% rate up to where IRMAA kicks at $206k in on Medicare, it is $5421 more. Lesser amounts for 12 and 10% rates, but you'll pay a couple of grand more. I was running numbers trying to figure out the amount of taxes I'd pay if I pulled money forward from our t-IRA a couple of years (24 and 25) before the taxes go back up vs rates I'd pay in '26. What has made this complex is we got hit by the SECURE 1.0 act. Wife inherited her dad's traditional IRA (t-IRA) and he hadn't taken his RMD. Instantly into higher taxes and IRMAA penalties on SSec. Don't mind paying taxes for honest programs, but I'll be darned if I'll pay one extra $ for illegals healthcare and Fed prisoners to get transgender surgery.
