Impact of Trump’s Tax Plan on Your Family Income

 In Personal Finance, Taxes

 

Below is my analysis of how the Trump Administration’s tax proposal may impact American families. I have outlined the dollar amounts the Trump plan may save families in each of the four specified income categories below. Keep in mind that the Trump tax proposal is just that – a proposal, and not law. Furthermore, if tax reform is passed it will likely be a compromise of sorts between Trump’s plan and whatever comes from Congress.

 

Family Income = $75,000.00

Current Federal Taxes = $10,322.50

Trump Federal Taxes = $9,000.00

Savings = $1,322.50

 

Family Income = $125,000.00

Current Federal Taxes = $22,792.50

Trump Federal Taxes = $21,500.00

Savings = $1,292.50

 

Family Income = $200,000.00

Current Federal Taxes = $42,985.50

Trump Federal Taxes = $40,250.00

Savings = $2,735.50

 

Family Income = $350,000.00

Current Federal Taxes = $90,913.00

Trump Federal Taxes = $85,621.50

Savings = $5,291.50

 

**The tax calculations contained herein are estimates based on the tax rates of “Married-Joint Filers,” and do not include deductions or exemptions.

 

Disclosure: Lighthouse Capital, LLC does not provide tax advice. The illustrations contained herein are for illustrative purposes only, and should not be considered fact. For tax advice we recommend you contact a tax professional.

Brian Foley
Brian Foley is the owner and founder of Lighthouse Capital, LLC. Lighthouse Capital is a registered investment adviser that employs a team of financial advisers who work with corporations, families, and individuals. Additionally, Foley is a 2019 Juris Doctorate candidate, with a focus on family estate planning and the ERISA needs of qualified retirement plan sponsors.
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