Editors' pick: Originally published Nov. 16.
Candidate Donald Trump made it plain: he doesn't much like the federal income tax and he promised to cut it, for just about everybody. As president, will he deliver?
Know this: already there is a lot of expert tax advice on steps you should take, and shouldn't, to better position yourself. Understand too: you and your employer may have contradictory advice. That is, your employer may want to take steps that would cost you tax dollars but save the company dough.
It gets complicated. But that's the federal tax code.
For starters, what does Trump say about taxes? On his website he declared he would: "Reduce taxes across-the-board." He elaborated: "The Trump Plan will collapse the current seven tax brackets to three brackets."
Brackets & Rates for Married-Joint filers:
Less than $75,000: 12%
More than $75,000 but less than $225,000: 25%
More than $225,000: 33%
Single players are taxed on half as much income.
The plan went on: "The Trump Plan will increase the standard deduction for joint filers to $30,000, from $12,600, and the standard deduction for single filers will be $15,000."
To put this around an income of $75,000 for a couple, the present tax rate is 15%. Under the Trump plan it drops to 12% - plus there's that mammoth jump in the standard deduction. For most Americans, if the Trump tax cuts are enacted into law, there will be more dollars in their pocket every payday.