How Tax Reform May Impact Near-Retirees And Retirees - News Summed Up

How Tax Reform May Impact Near-Retirees And Retirees


Second, due to low income levels, almost half of Americans paid almost no federal income tax under the old tax structure; that statistic should remain stable or slightly increase under the new Tax Act. What kind of tax savings might an upper-middle-class retiree receive from the Tax Act? With an estimated percentage tax savings (assuming a standard deduction) of 3.2%, their annual tax savings is $2,400. Looking at this same single filer and assuming they live in New Jersey, their state income tax will be $2,653 http://www.state.nj.us/treasury/taxation/pdf/current/taxtable.pdf. This disappears if they move to Florida (a state with no state income tax).


Source: Forbes January 13, 2018 13:52 UTC


Loading...
Loading...