after reading it with a couple of other people it seems insanely broken for the lower and middle class.
Correct me if im wrong please. In 2016 the standardized tax deduction was 6300 for single and 12600 for joint. The floor or lowest tax bracket was also 10000. If you go under 10000 after deduction you dont pay taxes.
As I understand Trumps tax plan the floor is now 15000 and the standard deduction is 15000 for single and 30000 for joint. Of course with standardized deduction you dont deduct anything else.
If a single person was earning 30000 a year he would claim 15000 standardized deduction and get sent to the 15000 or below bracket and pay 0 taxes. Is that right? With no effort as your taking standardized deductions.
If a joint person was earning 45000 and his spouse was earning 0 (say homemaker or something) then you claim 30000 and get sent to the 15000 and below bracket and pay 0?
Ive seen studies that say more than half of americans earn 30000 or less. Is my understanding correct?
Correct me if im wrong please. In 2016 the standardized tax deduction was 6300 for single and 12600 for joint. The floor or lowest tax bracket was also 10000. If you go under 10000 after deduction you dont pay taxes.
As I understand Trumps tax plan the floor is now 15000 and the standard deduction is 15000 for single and 30000 for joint. Of course with standardized deduction you dont deduct anything else.
If a single person was earning 30000 a year he would claim 15000 standardized deduction and get sent to the 15000 or below bracket and pay 0 taxes. Is that right? With no effort as your taking standardized deductions.
If a joint person was earning 45000 and his spouse was earning 0 (say homemaker or something) then you claim 30000 and get sent to the 15000 and below bracket and pay 0?
Ive seen studies that say more than half of americans earn 30000 or less. Is my understanding correct?