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May I recommend http://taxplancalculator.com/ http://taxplancalculator.com/ ? It takes in to account state taxes, which potentially can make a difference betwee
by aleyan 9y ago
May I recommend http://taxplancalculator.com/ http://taxplancalculator.com/ ? It takes in to account state taxes, which potentially can make a difference between a tax cut and a tax hike. It also shows you an estimate of your federal taxes under the current laws, so that you can ascertain its precision against last years returns.
Its author, Maxim Lott, is a journalist and has been tweaking the calculations over the past couple of weeks reflecting the latest changes in the bills. You may have seen his predictive markets analysis site [1] in the run up to 2016 US Presidential Election.
As a matter of disclosure, the author is a friend and I helped him debug a couple of small issues.
[1] https://www.electionbettingodds.com/ https://www.electionbettingodds.com/
- doughj3 9y agoThe linked site (taxulator) also takes state taxes into account if you select "itemized" deductions.
- pianom4n 9y agoThe AMT calculation is hard to use. It also doesn't include the Senate's AMT change at all. It doesn't seem to include PEP or Pease.
- ahh 9y ago> It takes in to account state taxes Wildly incorrectly. I live in WA and it overestimates my sales tax deduction by a factor of ten.
- dahdum 9y agoNo matter what income I put for California, it always says: "No impact from end of state and local deductions" Same at $30k, $300k, and $1M. I don't think it's accounting for SALT at all.
- gok 9y agoYou need to check the itemized deduction box
- dahdum 9y agoMy bad, thank you. As expected, I pay a bunch more under both these plans.
- foobarbazetc 9y agoAnd get a lot less. Hooray. The problem with a lot of reporting on these tax “plans” is that it doesn’t take into account the massive cuts that’ll be needed once this thing gets passed. That and any increases to health insurance costs due to repeal/uncertainty/etc wipe out any saving for most people. But hey if I could lobby this easily to get my pet thing into a tax bill I would.