Tag Archives: 2018 tax

If Trump had kept his campaign promise, a $50k couple would save an extra $2,739 in 2018 taxes

House Speaker Paul Ryan’s new tax law will save less than $9 a week for most working Americans, and many may receive cuts as little as $2.70. Meanwhile, a $1 million filer will gain $628 a week. The GOP plan smells like a few peanuts for the middle class and the elephant’s share of the tax cut designated for the very rich.

Let’s examine how the 2018 income tax really works, compared to what we were promised during the election campaign.

Current law now taxes a married couple for every dollar earned that exceeds $24,000 a year. Last year’s tax floor was $20,800, or a difference of $3,200.

Anyone earning exactly $24,000 in 2018 will save income tax of 10% of that $3,200, or $6.15 a week, versus last year.

What do you do with this $6.15 tax cut? If you are taking Xarelto for heart problems, as millions do, your tax bonanza won’t cover that drug’s $80 a month increase, or offset higher gas prices, or, or…

But what would have happened if candidate Donald Trump’s original tax plan had been adopted? Continue reading →

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