Quote:
Originally Posted by bkcunningham1
Lou Card, although your question is very straightforward, the answer isn't as simple as the tax brackets of 10 and 15 percent. There's more to it than that.
For instance, what about the deductions and exemptions you are allowed to take to get you to your taxable income for that bracket. This matters regardless of whether or not you stay in the same tax bracket. Does that make sense? That is where many of the changes are coming for everyone, regardless of your gross income.
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I think so. So it is not simply moving todays 10 % to 15 %. But if you don't get to deduct for Child care, or whatever deductions you used to get to get you down to 10 % then you now will in essence be making more taxable income even though your gross is the same;thereby you will pay more to the IRS even thou your gross income has not changed. Is that close? If so, I then wonder, as a retiree on fixed income, will I see increase in taxes. Right off hand, other than interest for my mortgage, I don't think We have any deductions. Is married filing jointly a deduction.