Find out where your taxes rank under the new law
Saturday, June 16, 2018
It's a cliché because it's true. All politics is local.
That applies to taxes, too. Whether you love or hate a tax law depends on how much it helps or hurts you personally.
That's why this weekend's Saturday Shout Out goes to the Tax Foundation's interactive map that lets you see average 2018 tax cuts in your congressional district.
If you want to go beyond your locality, you can check out the dollar differences on average make to taxpayers across the country.
As you can see on the Washington, D.C.-based tax policy nonprofit's map reproduced below, you simply enter your annual income amount and your state.
That then takes you to the next step, entering your Congressional district. If you're unsure of where you've been gerrymandered placed for federal voting purposes, another click takes you to the Census Bureau's search page that will let you find out.
Even if your Zip code is split between two districts, like ours here in Central Texas, you can drill down using your street address.
Armed with your broad data, you'll find out the average income in your Congressional district, as well as the average tax cut amount for you (based on your income range) in dollars and as a percentage of income.
Estimates for entertainment purposes: Again, the Tax Foundation's tax change map tool is an average, so your numbers could change when you finally file your first tax return fully affected by the Tax Cuts and Jobs Act. That'll be your 2018 Form 1040 due next April.
Or, as economist Amir El-Sibaie notes in the organization's tax map explanation:
"High-income tax filers, particularly in high-tax states, are impacted differently than middle-income filers due to the new $10,000 cap on the deduction for state and local taxes paid. Family size matters too; the new child tax credit lowers taxes for a number of filers. Not everyone in the country is affected in the same way."
But it's a fun weekend diversion. OK, fun if you're a tax geek, but you are reading this so enjoy!
You also might find these items of interest:
- Calculating your new tax law bill
- Loss of exemptions could cost some taxpayers
- Maximizing the many medical expenses that are still tax deductible
You can follow this conversation by subscribing to the comment feed for this post.