Nice tool, but a lot of the market is being altered in a way that blows out these savings. For example, I run my business and my overall tax rate last year was 28%. However, when I account for healthcare premiums and hitting my out of pocket max, I was over 40%. According to the calculator, my tax burden is reduced slightly under the plan. That said, my health costs for next year went up 37% and I'm receiving worse coverage. As such, I will be at a net loss for 2018 and it looks like it will become worse in 2019 if the individual mandate is eliminated.<p>So, no, I don't expect a calculator to be perfect, but I can't help but stress how important the changes in healthcare costs for self-employed are under this plan.
I guess this sort of misses the main point, IMO.<p>Sure, my taxes will go down, but I have grad student friends that may have to drop out because they now have to treat waived tuition as income, and pay ~10k tax on it somehow with their 20k-30k stipend they get. And I've got friends with kids that are going to see their tax burden go up by thousands.<p>Meanwhile with all of this 'simplification' and 'getting rid of subsidies', we're not doing the same for corporate or high income 'subsidies'.
I'm guessing this covers just 2018/19 and not the lead up to 2027. A lot of these individual income tax cuts not permanent, and are set to expire in stages towards 2027. The bill is going through reconciliation with senate rules restricting deficits increases after 10 years (the bill is deficit financed to the tune of $1.5 trillion - which is insanity).<p>Pretty much the only permanent features of the bill are the corporate rate, the pass through shenanigans, removal of estate tax, and removal of a number of deductions such as SALT, etc... also sabotaging the ACA marketplaces by repealing the individual mandate.
I love calculators. What I haven't seen yet is a calculator that shows you where the money originated from. How much of my tax deduction is new debt, vs money stripped from Medicare, Social Security, College Graduate deductions, etc. It's not enough to know how much more <i>I am getting</i>, but where the money originated from.
Hey, I built this in my spare time over the past few days to calculate some of the basic implications of the new House and Senate Tax Bills on personal income taxes.<p>This is open source and available on GitHub here:
<a href="https://github.com/brockwhittaker/House-Senate-Tax-Bills/" rel="nofollow">https://github.com/brockwhittaker/House-Senate-Tax-Bills/</a><p>If you have any questions or issues, you can open them on GitHub or contact me at: whittakerbrock@gmail.com
This doesn't count AMT, everyone in the state who itemizes and makes more than $200k has to pay the amt essentially making deductions completely useless. A NYT article showed how elites in Cali and NY will lose money but I calculated various incomes and the only people who would lose money are the ones making $1M plus. The article completely excluded that fact. Steph curry for instance will lose over a million in this new bill because he doesn't pay AMT currently and deducts $2M stats taxes. Not being able to deduct that plus only a minor drop in income tax brackets screws him.<p>This is not a bad bill. Very few people wil have to pay more and those that do are making $1M + and they'd slightly see a decrease while people with $5M+ will see a more significant decrease, so I'm not concerned. That being said, I think there should be even a bigger tax cut on the middle class and greater deductions for disabled seniors. Family making $50k with 2 kids barely saves more than a family $35k with 2 kids especially if they have Medicaid while the other family has insane premiums and deductibles.
I would love this even more if you could input your itemization total. This tool is so much better than the ones I’ve seen previously, and actually it’s kind of ridiculous that congress can’t create this tool. Being educated about the personal effects of this bill is just good governance.
Great calculator! Just what i was looking for. I like the simple UI.<p>But, you should add the state tax as well as the FICO and social security tax/ medicare tax, to show a more complete picture.
Thanks for doing this.<p>What about mortgage interest and property tax?<p>EDIT: I'm skeptical this is right. I'm in a high tax state, with high property and mortgage interest. Yet this shows me between 1% and 12% better off despite every report I've read and www.republicantaxcalculator.com showing me much, much worse off.
Can someone help me out here? Last year I paid 5-figure state income taxes (CA) which, as far as I understand, is no longer deductible from my federal income. So if my federal income taxes are ~30% then I'd expect to have a $3000+ tax increase from the loss of that deduction.<p>Yet this tool implies I will get a tax cut.<p>What elements of the new bills will result in a tax cut large enough to offset the loss of the SALT deduction? I am single, living in CA, no dependents. I do not own a business.
This is interesting, but it needs more data input for a more accurate picture for those who own a house, or hope to own one soon. Particularly those in the Bay Area, where the 10k SALT cap wouldn't be too difficult to run into.
Would be nice to include a field for long-term capital gains. Removal of the state income-tax deduction changes the effective tax rate for those gains, which would help someone decide whether to realize those gains in the remaining weeks of 2017 or else to keep holding.
I will be itemizing this year, it would be nice if I could add some of those writroffs in with this calculator. In my case, it's the difference between my taxes going down or up
his github project if you want to run it locally: <a href="https://github.com/brockwhittaker/House-Senate-Tax-Bills/" rel="nofollow">https://github.com/brockwhittaker/House-Senate-Tax-Bills/</a>
This seems to imply that families with 2 kids and a median household income of $60k will owe a extra $5k in taxes?<p>Edit: misread it. Not $5k more but 15-20% more.
Nice UI, not very useful / actionable in terms of actual insights.<p>We've had a couple of threads about Excel lately and the power/beauty of Excel is that it'll be butt ugly but someone with zero programming knowledge but extensive tax knowledge can build a model for you that'll give you great actionable insights with decently quick turnaround.
The calculator shows people who make a lot of money 1million+
and very little money < 50K will have a bigger federal tax bill.<p>they'll only be able to deduct 10k of the prop taxes too
Holy history, Batman!<p>I dragged the sliders around for a minute, and my browser history was completely decimated by identically-named entries.<p>Maybe replace the existing state rather than pushing the new one?
These tax bills are hilarious. For the majority of us, it is like moving money from your left pocket to the right pocket. There is no savings whatsoever besides bad healthcare for all. This bill should really be called "Corporations are people too, my friends" bill as it really gives away money for rich companies who honestly do not need more money given Apple, Amazon, Facebook and Google are becoming trillion dollar companies.
Is the site broken for anyone else? I see {{ STATE }} when I get into the page and a bunch of template variables in the page. None of the controls work and I have disabled my adblock, https everywhere, etc.<p>EDIT: Never mind, false alarm
The result is very different from this one[1], for a family with 2 kids.<p>Which one is more close to the fact?<p>[1] <a href="http://taxplancalculator.com/calc" rel="nofollow">http://taxplancalculator.com/calc</a>
Nice work. You should consider making the state field optional. There is a large expat community who still need to file US taxes (but not state taxes).
Great tool<p>If I can feature request, would love to see city/local taxes accounted for, especially with the SALT deduction removed.<p>Good work!!
Would be great if this supported my situation, single member LLC (pass-through). Though probably not popular here on HN, the bill's goal is to reduce the burden of taxes on small business and corporations to promote repatriotization of capital back to the US.
Make sure you use incognito mode! I hate looking at sites like these. I'm sure this one is probably OK but most aren't to be trusted.<p>Not only are you giving away personal financial info to an unknown site, you're pairing that with your browser so making yourself a target to every advertiser and scammer in the future.
Very interesting. Unsure how reliable the source is, but when you play with salary indicator.. at $250k everything slowly starts turning gray and then red. So this bill truly hits into top % of these that make more than 25k or 125k per spouse.<p>Only question remains what will the rich do with these savings. Administration says people will hire more and buy more goods that will obviously turn into more jobs and better economy. Let's hope for that!
Say what you want about the tax bill on net, the elimination of the SALT deduction is very good for the country.<p>There is zero reason for the Feds to subsidize and distort incentivize to encourage states to increase their tax burdens. SALT has always been one of the most corrupt tax breaks (mortgage interest being another).
This website literally just loads another page, IP address, over raw HTTP. There's no way in hell I would trust it in any way, shape, or form. You really should build your website better before showing it off.<p>Edit:
It looks like the page does <i>not</i> just load an iframe to an IP address any more. I'll take back what I said.