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2/26/2020 3:49:39 PM
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That's it? Just look at the surface number and say no thanks? Go put in $90,000.00 a year (single) You'll end up in the 22% tax bracket. If you look closely you'll be in the 22% tax bracket under the current Trump plan too. So either way you'll be in the 22% tax bracket. What do you got to lose? Except free healthcare I mean. In this scenario if you spend any more than $3,112.00 on health insurance now you would benefit with more disposable income. If you spend less or nothing (uninsured) then your income would go down. In return for the lower income you get health insurance. You could go see a doctor now about that weird growth.
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You'd actually be in the 24% bracket. The numbers change when you input the three fields above them
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$90,000.00 - $12,200.00 standard deductible is $77,800.00 taxable income. $38,700.00 < $77,800.00 < $82,500.00 a.k.a the 22% tax bracket.
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Edited by SGT Bronson: 2/26/2020 4:30:05 PM[quote]I'd be in the 22% tax bracket. No thanks[/quote] The change between the tax brackets is only $2,000. Bernie's plan increases the size of the 22% tax bracket from $40,126 to $38,700. You likely fall into the 22% bracket for that level of income already and wouldn't see a change. Furthermore, stating yourself to fall in 1 tax bracket is incorrect. Your income is taxed in several different levels, and when the rates of these levels are all accounted for your total tax is significantly lower than the final bracket you land in.
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[quote] The change between the tax brackets is only $2,000. Bernie's plan increases the size of the 22% tax bracket from $40,126 to $38,700. You likely fall into the 22% bracket for that level of income already and wouldn't see a change. Furthermore, stating yourself to fall in 1 tax bracket is incorrect. Your income is taxed in several different levels, and when the rates of these levels are all accounted for your total tax is significantly lower than the final bracket you land in.[/quote] I make between $60-70k a year. According to his website, that the op linked, I would fall in the $51-85k bracket and be taxed 22%
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Edited by SGT Bronson: 2/26/2020 7:39:39 PM[quote][quote] The change between the tax brackets is only $2,000. Bernie's plan increases the size of the 22% tax bracket from $40,126 to $38,700. You likely fall into the 22% bracket for that level of income already and wouldn't see a change. Furthermore, stating yourself to fall in 1 tax bracket is incorrect. Your income is taxed in several different levels, and when the rates of these levels are all accounted for your total tax is significantly lower than the final bracket you land in.[/quote] I make between $60-70k a year. According to his website, that the op linked, I would fall in the $51-85k bracket and be taxed 22%[/quote] That's the same as it is now under Trump's plan. You would see no change as far as I can tell. The tax brackets I found for 2019 and 2020 aren't changed in percentage or in scale as far as I can tell. What does plugging your income and healthcare costs into this get you? https://www.bernietax.com/#70000;1000;s
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So they are going to pay for their programs without raising taxes?
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Edited by SGT Bronson: 2/26/2020 8:06:42 PM[quote]So they are going to pay for their programs without raising taxes?[/quote] Taxes are raised, but its further up the chain. Its pretty significant for people in the 500k+ range, which admittedly isn't very many people. It looks like right now if you make $500,001+ you are taxed at 37% and all income past that is at 37%. Bernie's plan adds higher tax brackets as well as increasing the % in existing brackets. So if you make 500k-2m you will be taxed on that income at 45%. At 2,000,001 - 10m at 50%. From 10,000,001- infinity at 52%. Those are significant increases for the 500k+ community. At our level brackets are shifted around a little bit so our taxes will be higher, but the math shows that in exchange for that we save a little bit of money because we won't have insurance premiums/copays/deductibles. Presumably. Taxes will go up, but it won't be super significant for most people. Edit: it looks like for a single person making less than 157k a year taxes are fundamentally unchanged. Every individual over that will see pretty significant increases.
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I notice you didn't mention how much my taxes would be raised...why is that?
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Edited by SGT Bronson: 2/26/2020 8:45:56 PM[quote]I notice you didn't mention how much my taxes would be raised...why is that?[/quote] You make between 60-70k a year? Those brackets [i]are not changed.[/i] The link in the OP has the current and proposed tax brackets. Nothing in that range has changed. [i]Also I did say your taxes hadn't changed. It was the first thing I said to you. [/i] Are you just intentionally being obtuse? Let me break it down for you. The Current brackets: 0-9,525: 10%tax. 9526-38,700: 12% tax. 38,701-82,500: 22%tax. This covers the monetary amount you told me. Bernie's proposed taxes for your income range. 0-9,525: 10%tax. 9526-38,700: 12% tax. 38,701-82,500: 22%tax. They are identical for you tax bracket. [spoiler]Assuming you aren't married/deductions/state taxes. Which you still put you in the wrong for not providing the information I need to explain something to you. [/spoiler]
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You're not filling in any of the fields. Which, for some reason, changes the income brackets.
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I'm going to make some assumptions here as you dont have to post anything detailed about you finances if you dont want to. FYI, the site shows 2018 tax brackets not 2019. Assuming $65,000.00 gross income per year. Assuming filing status is single. Assuming uninsured $65,000.00 gross - $12,200 = $52,800.00 taxable income. $0.00 to $9,525.00 = 10% = $952.50 $9,525.00 to $38,700.00 = 12% = $3,501.00 $38,700.00 to $52,800.00(your limit of taxable income) = 22% = $3,102.00 Total Tax owed is $7,555.50 Your not taxed 22% on all $52,800 of your earnings. Just what is above the $38,700 threshold and under the next bracket. Go compaire what you paid in taxes in 2018. I would be surprised if it isn't close.
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Nope Head of household 65k And I pay around $1500 a year for healthcare. Not including my HSA. I would have -$366 of disposable income. And that's if the plan stays as it is (it won't, it'll be more)
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Well that's unfortunate that your disposable income would go down. I ended up owing the government taxes for the first time ever under Trumps tax plan this year. Last year my return was down over $1,000.00. It's an unfortunate reality that no one solution will be beneficial for everyone. You have a valid reason for not wanting this tax plan. For me it would help. My main point is not that this plan is perfect, or Bernie is our savior, or socialism good capitalism bad. My main point is dont let the deliberate misleading information from the right or the left slide. Don't be gullible. Thats what both sides count on. We deserve open, free, and clear information from our elected officials.
