On the left is taxes under Obama, I will compute the taxes of a family filing jointly, short form and making $61372, the median US household income for 2017 (info from CNBC). First please notice something the liberal press did not report; the Trump tax law did away with the marriage tax penalty up to $400,000, so only the rich incur that additional tax.
Also please realize we have a marginal tax rate, lower incomes get taxed at a lower rate.
Under Obama a family making $61372 pays the following:
first, the individual deduction was $6000, so filing jointly (2 x 6000), you are now taxed on $61,372-$12,000 or $49,372, the rest is at follows:
1st $16,050 at 10% = $1605
Remaining $33,322 at 15% = $4998.3
Total $6603.3
Under Trump, the individual deduction was increased to $12,000, filing jointly is $24,000, that same couple is now taxed on $61372 -$24,000 or $37,372
1st $19,050 at 10% = $1905
The remaining $18322 at 12% = $2198.64
Total under Trump is $4103.64
Hopefully, this paints the picture!
Also please realize we have a marginal tax rate, lower incomes get taxed at a lower rate.
Under Obama a family making $61372 pays the following:
first, the individual deduction was $6000, so filing jointly (2 x 6000), you are now taxed on $61,372-$12,000 or $49,372, the rest is at follows:
1st $16,050 at 10% = $1605
Remaining $33,322 at 15% = $4998.3
Total $6603.3
Under Trump, the individual deduction was increased to $12,000, filing jointly is $24,000, that same couple is now taxed on $61372 -$24,000 or $37,372
1st $19,050 at 10% = $1905
The remaining $18322 at 12% = $2198.64
Total under Trump is $4103.64
Hopefully, this paints the picture!
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