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I just did a rough draft of our 2018 taxes. Here's what the changes from the tax scam look like for us:
Adjusted gross income - Our adjusted gross income increased 10.04%.
Taxable income - Our taxable income increased by 66.66%. Obviously, this isn't a good thing when your income only increases by 10.04%...that just means you're getting taxed on more of your income. In 2017, 55% of our adjusted gross income was taxable. In 2018, 84% of our adjusted gross is taxable.
Tax - Our tax burden increased by 209.57%. Based on what I can tell, the way the college credits are applied is slightly different on the 2018 1040, so if I make that adjustment, the tax burden increase is 71.79%.
Adjusted gross income - Our adjusted gross income increased 10.04%.
Taxable income - Our taxable income increased by 66.66%. Obviously, this isn't a good thing when your income only increases by 10.04%...that just means you're getting taxed on more of your income. In 2017, 55% of our adjusted gross income was taxable. In 2018, 84% of our adjusted gross is taxable.
Tax - Our tax burden increased by 209.57%. Based on what I can tell, the way the college credits are applied is slightly different on the 2018 1040, so if I make that adjustment, the tax burden increase is 71.79%.
