Tax docs

gistfile1.txt

# tax stuff
https://medium.com/@davissenseman/tax-simplification-take-three-211b7cd319f7
Under existing tax code, an individual who currently makes $200,000 would pay 35% tax on the amounts over $191,650, 33% tax on the amounts over $91,900, 25% tax on the amounts over $37,950, 15% tax on the amounts over $9325 and 10% tax on the first $9324 of earnings.

old 5 = (200000-191650) *.35 => 2,922.5
old 4 = (191650-91900) *.33 => 32,917.5
old 3 = (91900-37950)*.25=> 13,487.5
old 2 = (37950-9325)*.15 => 4,293.75
old 1 = 9324*.1=> 932.4
old tax = old 5 + old 4 + old 3 + old 2 + old 1 => 54,553.65

Under the proposed House bill, an individual who makes $200,000 when the new rates begin would pay 25% tax on the amounts above $45,000 and 12% tax on the first $44,000 of earnings.

house 2 = (200000 - 45000) * .25 => 38,750
house 1 = 45000 *.12 => 5,400

house = house 1 + house 2 => 44,150

savings = old tax - house => 10,403.65


Under the proposed Senate bill, an individual who makes $200,000 when the new rates begin would pay 32% tax on the amounts above $160,000, 24% tax on the amounts above $70,000, 22% tax on the amounts above $38,700, 12$ tax on the amounts above $9525 and 10% tax on the first $9525 of earnings.

senate 5 = (200000-160000) * .32 => 12,800
senate 4 = (160000-70000) * .24 => 21,600
senate 3 = (70000-38700)*.22 => 6,886
senate 2 = (38700-9525)*.12 => 3,501
senate 1 = 9525 * .1=> 952.5
senate = senate 5+senate 4+senate 3+senate 2+senate 1=> 45,739.5


old tax => 54,553.65
senate => 45,739.5
house => 44,150

gistfile2.txt

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