Mohacsy's Safe Portfolio Member Forum

[santafe2]

I think federal income taxes are fair, even low for middle class people at this time. For a married couple making $83,550 a year their income tax is calculated like this:
$83,550 - $27,700, (standard deduction) = $55,850
10% of the first $20,550 or $2,055
12% of the remaining $35,300 or $4,236
For a total of $6,291 or 7.5%.

There is a poison pill in the 2017 Trump tax bill, (of course there is), that phases out the current standard deduction at the end of 2025. Taxes on the middle class will increase substantially if this is not extended by Congress...LOL, I'm sure that will happen.