Republican Tax Bill Act ~ Get Tax Calculator | CHECK How Trump Bill will Affect You
After analyzing the reports on Republican Tax Bill to understand the President Trump’s bill or Tax Cut Act is not so difficult for a family. Though, each family’s financial situation remains different but in People’s perception there is no such typical thing in the Tax bill which would affect the household.
Republican Tax Cut Rates Calculator
Based on the communique the Tax Cut Act is declared by Trump Administration that could benefit middle class and make the tax code simpler and fair for Americans. As per the reports and statements from Republicans the lawmakers cuts the individual tax rates and slashes the corporate taxes which are briefly stated hereunder. Among the all key aspects the Trump’s Tax Cut Act remains under the analysis that how the bill would affect middle class.
As per reports the Tax Cuts Act provides near around 5.5 trillion USD in tax cuts, 3.2 trillion of which go to the families.
Tax Calculator Tool:
Meantime a term Tax Calculator is termed as a tax analyzing software to get the share of a middle class that would get a tax cut or increase.
The Tax-Calculator tool, is to estimate how the tax bill would affect thousands of different families, and to explore how different characteristics including income, marital status, family size etc.
Many of the Americans are still asking the question- Could they present this tax data in a way that fowould let them see how they, specifically, would fare for them? The discussions are on being held on the matter that is there any calculator to let candidates enter their financial information and get an estimation of what the bill is for them. Alike earlier Current Population Survey does a good job of collecting data on middle-class families.
NOTE: Market Watch has a calculator through which Americans can determine what plan is mean to them. But the Calculator numbers which are mentioned at Marketwatch Calculator are for only for 2018 not for future.
The Tax Cuts act will repeal Obamacare’s individual mandate.
The repeal of Obamacare’s individual mandate will provide relief to households with income below $50,000 which made up around 80%of th households that paid mandate penalty earlier in 2016.
TAX CUTS ACT HIGHLIGHTS:
- THE large majority of US Families will now be able to file their taxes on a single page because they lower taxes by claiming the standard deduction.
- The Majority of family’ farms and family businesses will be exempted from the estate tax.
- Student loan interest would be deductible. Tax free stipends for Graduate students will be maintained.
- Investment in education will be protected in Tax Cuts act.
Child Tax Credit-
According to the proposed tax plan the reforms in the Child Tax credit will come out as beneficiary to the child as the tax bill implemented. The Child tax credit has been doubled to 2,000$ per child below the age of 17.
Families will receive a new 500$ tax credit for dependents age 17 or older. Lower and middle income families will benefit from a 40% increase in the refundable portion of the Child Tax Credit
The full child credit will now be available for families with incomes of upto 200,000$ for single household and incomes up to 400,000$ for married family.
For American Businesses / Corporates-
The Corporate tax rate will be cut from 35% to 21% which is lower than average. According to the Council report these tax cuts will put the American economy on additional 3% growth and will create opportunities for all Americans.
- Businesses will receive 1.8 trillion USD in total tax cuts and will be able to generate economic growth.
- The Tax cuts will provide 415 billions USD in additional tax cuts for S corporations, sole proprietors and partnership firms.
- Companies will be able to bring back future profits without any extra tax.
Latest on Tax Bill:
On the other hand the reports on the Tax Cut Act the Trump Administration may wait until January to sign the measure into law which was earlier decided to enact before Christmas.
Republican tax cuts would take effect from January onwards and workers will see a change in their paycheck withholdings in February 2018.
Tax Cuts Act- Standard Deductions:
- For Individuals, the standard deduction will be increased from $6,500 TO $12,000
- For Single parents, the standard deduction will be increased from $9,550 TO $18,000
- For married couple standard deduction will be increased from 13,000 to 24,000 $
Mortgage Tax Calculator-
Cap on mortgage interest deduction falls to 750,000 USD
The adopted cap on Mortgages will be applied on the new mortgages not on the current ones. As per estimation this seems a little bad news for the real estate businessmen & wealthy property owners because as per the analytic estimation from Moody’s the prices of homes will fall Four percent across the country compared to projections without new tax law.
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