Originally Posted by
iahflyr
I made roughly the same amount of money as I did in 2017, and my taxes went way up!
My taxes went way up for four reasons:
-I’m single
-I make good money (my marginal tax rate went up from 28% to 32%)
-I own a home (SALT deduction capped at 10k)
-I’m a pilot (lost union expenses, uniform cleaning, and per diem differential)
I’m obviously really annoyed with this GOP tax reform as it raised my taxes and a significant amount of other people (pilots were hit especially hard).
George Bush passed a tax cut that benefited 100% of Americans. Barack Obama made that tax cut permanent for 99% of Americans. Now Trump comes along and actually RAISES taxes on lots of Americans, and his reform cost more than the previous two... WTH
My taxes went up also.
Married, three kids, file jointly, made a little more then last year, house is paid off.
1. Standard deduction doubled to 24K up from 12.5K.
2. Lost the personal exemptions that totaled 20.5K
3. Child tax credit went down.
4. AGI and tax paid went up because of the above.
5. Bonus surprise, due to the lower withholding rates I get to write a check to the IRS this year.