RedNeckGeek
Super Member
- Joined
- Jan 1, 2011
- Messages
- 8,754
- Location
- Butte County & Orcutt, California
- Tractor
- Kubota M62, Kubota L3240D HST (SOLD!), Kubota RTV900
You must make a heck of a lot more than me, according to the calculation I値l save $1460, and I surely consider myself middle income. But it is likely that the middle class will pay more in totality, because in totality, we are by far the largest income earners.
A big part of it comes from the fact that those that live in states with high income taxes can no longer deduct them. So the 12,000 standard deduction is pretty easy to exceed here in Kalifornia. Property taxes are still deductible, but that doesn't help me at all; everything's paid off. :mur:
There are a LOT of factors that the estimators don't take into account, and it's gonna take some time for tax professionals to get a handle on what the new law actually means in terms of tax calculations. One thing's for sure, though, I'll be trying to get my hands on a copy of TurboTax 2018 as soon as it comes out.