Here’s a simple online calculator that rudely awakened me.
==========
My son who admonished me to “stop calling it a tax cut until you run your numbers” … I finally did run my numbers.
For me — a discounted-rate college prof – my Federal income taxes will go up about 30%.
Whoa, Nelly.
What’s going on?
The key drivers: (1) loss of personal exemptions ($4,050 times 2) (2) non-deductibility of state income taxes (Virginia has turned purple with a Dem governor) and (3) loss of 1/3 of my local real estate taxes (assuming the House version that still allows $10,000).
The alleged reduction in rates doesn’t offset those deductions lost.
Nuts.
==========
If you want to see what the likely impact will be on you, pull out the first couple of pages of your 2016 tax return so you can plug a few numbers into the CALCXML online tax calculator.
Here’s an example for a family of 4 – husband, wife, 2 kids under 18 … filing jointly … $150,000 combined income … no “unearned investment income” (dividends & capital gains which get taxed at a preferential rate) … $500,000 mortgage @ 4% …. $5,000 local real estate taxes .
click for CalcXM’s online tax calculator
=============
And, the answer is …
The Homa Files 