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Home › Blogs › LiLSpeedy's Blog › Here's who would lose money under Trump's proposed tax plan

Here's who would lose money under Trump's proposed tax plan

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Alex Morrell and Andy Kiersz   Feb. 26, 2017, 12:00 PM

Donald Trump

Some families could see their tax bills go up.REUTERS/Jonathan Ernst

Most people would save money under the tax overhaul proposed by President Donald Trump, according to an analysis of the plan by the Tax Policy Center.

But not everybody.

Using the analysis, Business Insider broke down the financial implications of Trump's most recent tax plan — he has teased the release of an updated plan in the coming weeks — for a variety of tax filers.

By and large, the more you make, the better you would fare under Trump's proposed plan. But one group of filers could actually see their tax bill go up, depending on their tax bracket: families with children — especially single parents.

It's important to keep in mind that no law has been passed, so nothing is a given. If Trump releases a new plan, it's possible there will be some significant changes.

Moreover, Trump and House Republicans don't agree on everything, and he may not get everything he wants in a tax plan.

That said, read on to see the breakdown of how some families could lose money under Trump's tax plan. 

 http://www.businessinsider.com/who-will-lose-money-trump-tax-plan-2017-2?ref=yfp&r=UK&IR=T

Entry #730

Comments

Avatar LiLSpeedy -
#1
The poor and middle class are going to get the shaft under Trump's tax plan. You need to pay attention and do some research.

Single parents, who would lose their head-of-household filing status under the new plan. Most parents still get some tax cut, but those earning between $20,000 and $50,000 would see their taxes increase.

But head-of-household filers, as a group, fare the worst on average. It's not a huge increase, but these filers who earn between $20,000 and $200,000 would see their federal taxes go up rather than receive a tax cut. For many of these families, though, every dollar counts.

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