USA Today has some examples.
A single filer with $50,000 in annual (AGI) and who uses the standard deduction currently...saves $1,121 in taxes.
A married couple with $100,000 in AGI, no children, $7,000 in annual mortgage interest, $4,000 in charitable contributions, and $3,000 in other itemized deductions....saves $1,919 in taxes.
A married couple with $110,000 in AGI, three children, and itemized deductions of $10,000 in mortgage interest, $4,000 in charitable contributions, and $7,000 in state and local property and income taxes....saves $1,486 in taxes.
A single taxpayer with $1 million in AGI who rents their home, donates $40,000 to charity, pays $45,000 in state income tax, and has no other itemizable deductions saves... just $93 in taxes.
In other words, the three middle-income households would get much bigger tax cuts than a wealthy taxpayer like this.
How the tax cuts and jobs act could affect these 5 households
But, what about millionaires? I've heard over and over again how the rich get most of the benefit of tax cuts. Well, there is this:
A single filer with $50,000 in annual (AGI) and who uses the standard deduction currently...saves $1,121 in taxes.
A married couple with $100,000 in AGI, no children, $7,000 in annual mortgage interest, $4,000 in charitable contributions, and $3,000 in other itemized deductions....saves $1,919 in taxes.
A married couple with $110,000 in AGI, three children, and itemized deductions of $10,000 in mortgage interest, $4,000 in charitable contributions, and $7,000 in state and local property and income taxes....saves $1,486 in taxes.
A single taxpayer with $1 million in AGI who rents their home, donates $40,000 to charity, pays $45,000 in state income tax, and has no other itemizable deductions saves... just $93 in taxes.
In other words, the three middle-income households would get much bigger tax cuts than a wealthy taxpayer like this.
How the tax cuts and jobs act could affect these 5 households
But, what about millionaires? I've heard over and over again how the rich get most of the benefit of tax cuts. Well, there is this: