Median wage earners (half of all workers in America) will save a measly 20 bucks a week (or less) with the new GOP tax plan.
Per Social Security wage data: the "median" income in the U.S. is a little over $30,000 a year for wage earners.
The new tax plan lowers the tax rate from 15% to 12% on income over $9,525 up
to $38,700 --- so median income earners making $30,000 a year will save $900
from the new tax rate.
The new tax plan will also raise the standard deduction from $6,350 to $12,000 (almost double); but it also eliminates the $4,050 personal exemption --- for a difference of $1,600 less that you'd have to pay tax on.
12% tax (on income over $9,525 up to $38,700) = $192 saved for median income earners making $30,000 a year. ($192 = 12% of $1,600
(Below) Old tax brackets scheduled for 2018 (Blue shade is the "median" bracket)
(Below) New tax brackets scheduled for 2018 (Blue shade is the "median" bracket)
* Based on single filers with no children.
For a secretary, it's $1.50 a week
ReplyDeletehttps://www.forbes.com/sites/eriksherman/2018/02/05/paul-ryans-deletion-of-his-tax-cut-promotion-shows-the-attitude-of-politicians/#75ed4fa949db
Maybe it's because she only works 4 hours a week for minimum wage :)
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