What Tax Cuts Are You Likely to Receive if the Tax Cuts and Jobs Act Passes?

Photo credit: Tamaki Sono, CC BY 2.0.

To continue our discussion of how the Tax Cuts and Jobs Act might help us “start saving for our future,” I thought you might be interested in Slate’s breakdown of the types of tax cuts each of us can expect, depending on our income level:

Top 0.1 percent: Average tax cut, $360,430, enough to pay the average salary of an American anesthesiologist. Your tax cut is literally worth all the things that slogging through seven years of medical school might afford you. All of the things.

[…]

10th to 20th percentiles: Average cut, $150, enough to pay for a couple of dinners for four at Chili’s.

If you want to figure out which percentile you’re in, CNN has an easy-to-use calculator. I’m in the top 43 percent, which means that I’m going to get a theoretical $1,250, which Slate helpfully notes is “enough for this Frigidaire two-door refrigerator.”

If the Tax Cuts and Jobs Act passes, these tax cuts won’t be fully implemented until 2025, so all of this is still a bit like counting our Frigidaires before they hatch.

But if you’d like to share what consumer good you’ll be able to purchase with your predicted tax cuts, feel free.

Support The Billfold

The Billfold continues to exist thanks to support from our readers. Help us continue to do our work by making a monthly pledge on Patreon or a one-time-only contribution through PayPal.