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Question about Trump's tax plan

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RandomPoster71

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I have a question regarding Trump's tax plan. Technically, the same question could be asked about our current tax plan in the U.S.

The brackets for a marride couple are 12% for below 75,000, 25% bracket between 75,000 and 225,000, and 33% for 225,000 and above. If a married couple has made $74,950 at the end of the year and suddenly the husband is ordered to work overtime the last day of the tax year under penalty of being fired if he doesn't and he makes $100 that day, it seems to me that it will actually cost the couple $9,668.50 because it will bump them up a bracket.

74,950 * .12 = 8,994 = 65,956 after taxes.
75,050 * .25 = 18,762.50 = 56,287.50 after taxes.

Am I missing something here? Whenever you have brackets, the danger is there. Trump's plan has fewer brackets, which reduces the potential for stepping up the rate gradually.
 
RandomPoster71 said:
I have a question regarding Trump's tax plan. Technically, the same question could be asked about our current tax plan in the U.S.

The brackets for a marride couple are 12% for below 75,000, 25% bracket between 75,000 and 225,000, and 33% for 225,000 and above. If a married couple has made $74,950 at the end of the year and suddenly the husband is ordered to work overtime the last day of the tax year under penalty of being fired if he doesn't and he makes $100 that day, it seems to me that it will actually cost the couple $9,668.50 because it will bump them up a bracket.

74,950 * .12 = 8,994 = 65,956 after taxes.
75,050 * .25 = 18,762.50 = 56,287.50 after taxes.

Am I missing something here? Whenever you have brackets, the danger is there. Trump's plan has fewer brackets, which reduces the potential for stepping up the rate gradually.
Click to expand...

They would only pay 25% for the amount above 75,000.
 
RandomPoster71 said:
I have a question regarding Trump's tax plan. Technically, the same question could be asked about our current tax plan in the U.S.

The brackets for a marride couple are 12% for below 75,000, 25% bracket between 75,000 and 225,000, and 33% for 225,000 and above. If a married couple has made $74,950 at the end of the year and suddenly the husband is ordered to work overtime the last day of the tax year under penalty of being fired if he doesn't and he makes $100 that day, it seems to me that it will actually cost the couple $9,668.50 because it will bump them up a bracket.

74,950 * .12 = 8,994 = 65,956 after taxes.
75,050 * .25 = 18,762.50 = 56,287.50 after taxes.

Am I missing something here? Whenever you have brackets, the danger is there. Trump's plan has fewer brackets, which reduces the potential for stepping up the rate gradually.
Click to expand...

That's not the real problem with the GOP plan (it's not Trump's - he doesn't even know what's in it). The real problem with the GOP's tax plan is that it slashes corporate tax rates while leaving in place the overwhelming majority of the tax breaks that corporations already get. That, and the way it's written, the plan will cost high-property-cost blue states significantly more than red states. Lastly, the GOP's tax plan will - according to almost every economist out there - increase our debt by at least a trillion over the next ten years (on top of how much the debt would have already risen).
 
RandomPoster71 said:
I have a question regarding Trump's tax plan. Technically, the same question could be asked about our current tax plan in the U.S.

The brackets for a marride couple are 12% for below 75,000, 25% bracket between 75,000 and 225,000, and 33% for 225,000 and above. If a married couple has made $74,950 at the end of the year and suddenly the husband is ordered to work overtime the last day of the tax year under penalty of being fired if he doesn't and he makes $100 that day, it seems to me that it will actually cost the couple $9,668.50 because it will bump them up a bracket.

74,950 * .12 = 8,994 = 65,956 after taxes.
75,050 * .25 = 18,762.50 = 56,287.50 after taxes.

Am I missing something here? Whenever you have brackets, the danger is there. Trump's plan has fewer brackets, which reduces the potential for stepping up the rate gradually.
Click to expand...

Yes. The house and senate still need to come to an agreement and present a unified plan to the Prez.

Glen Contrarian said:
That's not the real problem with the GOP plan (it's not Trump's - he doesn't even know what's in it). The real problem with the GOP's tax plan is that it slashes corporate tax rates while leaving in place the overwhelming majority of the tax breaks that corporations already get. That, and the way it's written, the plan will cost high-property-cost blue states significantly more than red states. Lastly, the GOP's tax plan will - according to almost every economist out there - increase our debt by at least a trillion over the next ten years (on top of how much the debt would have already risen).
Click to expand...

Regarding blue states, what’s is wrong with asking the rich blue states to pay more?
 
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