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The tables cover all income groups
Posted on: November 28, 2017 at 11:56:14 CT
Knucklehead MU
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You would have to ask the congressional joint committee for taxation re: impact on households under 30K.
But, a single person making 30K does pay income taxes. They get a standard deduction of 6,000 K and a 4,000 personal exemption under the current rules. That leaves 20 K of taxable income.
Under the revised plan they get a standard deduction of 12,000, but no personal exemption, leaving taxable income of 18 K. The lowest rate goes up from 10% to 12%. Obviously, if the person claimed more personal exemptions under the prior rules, the taxable income could actually increase. I have also heard something about ending the head of household tax filing status, but don't know the details.
What I haven't researched is the issue of sunsetting some of the individual income tax changes.
But, a single person making 30K does pay income taxes. They get a standard deduction of 6,000 K and a 4,000 personal exemption under the current rules. That leaves 20 K of taxable income.
Under the revised plan they get a standard deduction of 12,000, but no personal exemption, leaving taxable income of 18 K. The lowest rate goes up from 10% to 12%. Obviously, if the person claimed more personal exemptions under the prior rules, the taxable income could actually increase. I have also heard something about ending the head of household tax filing status, but don't know the details.
What I haven't researched is the issue of sunsetting some of the individual income tax changes.
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The tables cover all income groups - Knucklehead MU - 11/28 11:56:14