I have been watching and listening to the debate on the tax "reform" bill. The details provided as to the rates and other features of the bill on TV and in the press indicate to me that the true effects are not being honestly presented.
Under current tax law, incomes in the range up to $19,640 for single, or $25,360 for joint returns, are taxed at a range of from 3.6% to 13.2%. Under the "reform" proposal the tax will be a flat 15%. Amounts earned above the amounts within the progressive range in the current table are taxed in a range of from 11% to 26%, roughly, but under the new tax all will be taxed at a flat rate of 27%. I have calculated the impact on the basis of after deduction, non-itemized returns, which most of these will be.
I suggest that if all of those in these income brackets calculate what amount of increase their taxes will be, they will be shocked. Better to be shocked now, and flood congressional and senatorial participants in this fraud, than to wait and be socked by the tax you will have to pay next year.
Because the higher brackets tax of from 28% to 50% are cut to 27% these will get the benefit of a tax cut. If you wait, you will find it futile to attack the Internal Revenue Service. An election is coming; you can have an effect if you let your representatives know you know what they are doing to you.