Trump tax plan: How your take
President Donald Trump's tax plan  is being billed by the White House and Republicans as a boon for the middle class.
Exactly how much individuals save will depend on many factors  and as Business Insider's Josh Barro pointed out  tax cuts for average Americans aren't likely to be as sweeping as Republicans make it sound. Some analysts think  the current plan  will have to be scaled back considerably  since  it  would reduce federal government revenue by an estimated (and unsustainable) $5.8 trillion over 10 years.
Still  as it stands now  take-home pay could increase for most Americans under  Trump 's tax plan.
We were curious how it might change  so we ran some numbers using the current proposal  and filling in the gaps with details from  Trump 's candidate tax plan.
 Trump 's tax plan proposes three federal income tax brackets: 12%  25%  and 35%  but it does not yet specify income ranges for the proposed tax brackets. We calculated the above estimates using single filer income ranges from  Trump 's candidate tax plan for each of the tax brackets proposed in  the current plan : 12%: $0-$50 000; 25%: $50 001-$150 000; 35%: $150 001 or more
 Trump 's candidate tax plan â which has many similarities to the current tax plan  including keeping the mortgage interest and charitable giving deductions and repealing the AMT â proposed a 0% tax on earnings up to $25 000 (to eliminate "redundant" deductions)  as well as the following tax brackets and income ranges for single taxpayers:
The estimates above show how much single  childless taxpayers at different income levels might save if tax reform passes â something that could prove challenging  given the trouble  Trump  has faced in  his  attempts to overhaul the US healthcare system.
Americans who do claim the standard deduction will be able to reduce their taxable income further under  Trump 's tax plan  in turn reducing their tax bill. Single filers would deduct $12 000  slightly higher than the current combined $10 400 deduction  which includes the standard deduction and one personal exemption. Joint filers would deduct $24 000  up from the current $20 800  which includes the standard deduction and two personal exemptions.
But   Trump 's tax plan would do away with many deductions  which could increase federal taxes for Americans who itemize their deductions. Among those who do  the average claimed for 2014 was $27 447.
 Trump  and  his  tax team â which includes House Speaker Paul Ryan  Senate Majority Leader Mitch McConnell  National Economic Council Director Gary Cohn  Treasury Secretary Steven Mnuchin  Senate Finance Committee Chairman Orrin Hatch  and House Ways and Means Committee Chairman Kevin Brady â have said they want to make "the tax code simple  fair and easy to understand."
[TGT] 's tax plan  is being billed by the White House and Republicans as a boon for the middle class.
Exactly how much individuals save will depend on many factors  and as Business Insider's Josh Barro pointed out  tax cuts for average Americans aren't likely to be as sweeping as Republicans make it sound. Some analysts think   [TGT] will have to be scaled back considerably  since   [TGT]   would reduce federal government revenue by an estimated (and unsustainable) $5.8 trillion over 10 years.
Still  as  [TGT]  stands now  take-home pay could increase for most Americans under  Trump 's tax plan.
We were curious how it might change  so we ran some numbers using the current proposal  and filling in the gaps with details from  Trump 's candidate tax plan.
  [TGT]  's tax plan proposes three federal income tax brackets: 12%  25%  and 35%  but  [TGT]  does not yet specify income ranges for the proposed tax brackets. We calculated the above estimates using single filer income ranges from  Trump 's candidate tax plan for each of the tax brackets proposed in  the current plan : 12%: $0-$50 000; 25%: $50 001-$150 000; 35%: $150 001 or more
 Trump 's candidate tax plan â which has many similarities to the current tax plan  including keeping the mortgage interest and charitable giving deductions and repealing the AMT â proposed a 0% tax on earnings up to $25 000 (to eliminate "redundant" deductions)  as well as the following tax brackets and income ranges for single taxpayers:
The estimates above show how much single  childless taxpayers at different income levels might save if tax reform passes â something that could prove challenging  given the trouble   [TGT]   has faced in  his  attempts to overhaul the US healthcare system.
Americans who do claim the standard deduction will be able to reduce their taxable income further under  Trump 's tax plan  in turn reducing their tax bill. Single filers would deduct $12 000  slightly higher than the current combined $10 400 deduction  which includes the standard deduction and one personal exemption. Joint filers would deduct $24 000  up from the current $20 800  which includes the standard deduction and two personal exemptions.
But    [TGT]  's tax plan would do away with many deductions  which could increase federal taxes for Americans who itemize their deductions. Among those who do  the average claimed for 2014 was $27 447.
 Trump  and  his  tax team â which includes House Speaker Paul Ryan  Senate Majority Leader Mitch McConnell  National Economic Council Director Gary Cohn  Treasury Secretary Steven Mnuchin  Senate Finance Committee Chairman Orrin Hatch  and House Ways and Means Committee Chairman Kevin Brady â have said they want to make "the tax code simple  fair and easy to understand."