The Trump tax calculator — will you pay more or less?
It's one thing to read up on how the Trump tax plan that just got signed into law changes the tax code overall. But if you are interested in exactly how your tax bill will change next year and for the next 5 years or so, use that calculator above.
Curious on everyone's opinion of the bill as well as if your amount increases or decreases. Do you dislike the bill? If so, all of it, or just parts?
If you are like me, my tax burden is going to decrease. And I like some of the eliminations of deductions in favor of higher standard deductions. But I dislike some of the riders. And even though I won't have to pay a tax penalty for not having health insurance any longer, I worry what that will mean for the country's healthcare premiums as a whole, as well as entitlement funding in the future.
I do want to clarify where I was wrong in the original post.. you do still have to pay a penalty for not having health insurance for 2018 filing, but not for 2019 and beyond. At the moment. I just got done filing my taxes and going without health insurance I most certainly had to pay the price.
That said as a self employed individual (independent contractor) my overall tax burden did decrease, but not substantially. Mine went down like 2.5% from 2017. Its very dependent upon your life situation, what tax brackets you fall into, if you can qualify for write-offs, etc.
Curious, since its filing time, how did your filing fair this year? Did yours increase, decrease or stay about the same once you officially filed?