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If I give $1,000 to charity and I’m in a 10 percent tax bracket, I get $100 back on my taxes
But if I’m in a 35 percent tax bracket, I get $350 back from the federal government from the same 1k donation.
Top personal tax rate, "37 percent" from 39.6 percent
The group getting the largest cut is Families earning from $200,000 to $1 million and will see their tax bills drop about 9 percent.
The corporate top rate moved to "21%" percent from 35% and could be 20% if they are a pass-through like real estate.
Federal Estate and 'Gift Tax' Limit from $5.49B to $11.18B (basically double the limit)
'Average' personal rates dropped in 2018, but they'll return to 2017 levels by 2026 unless further acted upon.
That data is from Congress...
Congress’s official scorekeeper, the nonpartisan Joint Committee on Taxation
But numbers are numbers. But the ones we really need to see is the 'effective tax rate' after all deduction were used.
Were not going to know that and there is nobody wanting to put that info forward.
Some, like Warren buffet have showed us their effective tax rate.
His 2010 “federal tax rate” of 17.4 percent was 18.6 percentage points 'less' than the 36.0 percent average rate paid by the 20 other workers in his office
I do not think the new tax policy has made this any better. Only worse.
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