2017 tax calculator link
Be remiss if I didn't comment on the largest tax cuts since the Reagan era.
As you know, in a progressive tax system (tax rate increases as taxable income increases), whenever Congress "monkeys" with the tax code, there are going to be obvious winners and losers. This tax cut will probably forever be labeled the "Trump Tax Cuts" just as "Reagan Tax Cuts." (keep in mind that Congress legislates, not the President–just sayin'.) In this country, some years back, we started a disturbing pattern that we just can't seem to shake labeled "haters gonna hate."
For me, perhaps a bit selfishly, show me how the changes impact me and my situation.
I don't really care all that much about how it impacts the person next door or across the street. My parents taught me long ago that keeping up with the Jones was largely a losing effort and a colossal waste of time.
Anyway, if you're interested, answer a few basic questions using this tax calculator tool (thanks CNN!) and do a bar napkin calculation on your taxable income.
PS Hope our Congress has the intestinal fortitude to tackle entitlements next year (sigh)–now 52-53%% or so of the federal budget (see accompanying federal budget in pictures for graphic)