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.