Now that the Republicans are really close to signing the new tax reform into actual laws, a majority of Americans are now thinking about how exactly these new laws will affect them under the new legislation. The Tax Policy Center conducted an analysis and found that many income groups could receive a tax cut that averages over $2,000. However, these tax cuts when calculated as percentages of after-tax income would end up being a bigger benefit to the high-income groups. Additionally, only around five percent of our taxpayers can expect increases in their taxes in 2018.
In order to get a clearer picture of what taxpayers in America might see in the following tax year, the content marketing editor for Zippia crunched some data for over 800 professions in order to come up with some mind-boggling estimates. For this huge undertaking, the editor used the exemptions from New Jersey as the baseline because they are a very dense population with pretty high taxes for a state. He also made the decision to use data for unmarried individuals who have no children, have a home and their home is valued at around three-times what the median wage is for each occupation in order to come up with his estimates.
There are millions of retail salespeople across the country who have an annual wage of around $27,180. These retail sales workers are ones that sell things like clothing, appliances, cars, and furniture. The current tax for these types of workers is averaging around $2,050.75. Under the new tax law, their median tax would be closer to $1,631.10. This change is a percentage change of about 20.4-percent.
Another popular group of workers across the country is cashiers. They make up over three-million of our nation's workers. These are the people who run cash registers and process debit or credit transactions wherever people make purchases. The average mean wage for these types of workers is around $21,680. Under the current tax law, they would be taxed around $1,225.75. Under the new tax law, they would only be taxed around $971.10. This is a change in taxes of around a 20.8-percent cut.
Combination Of Fast Food Workers, Service Workers And Food Preparation Workers
There are a combined 3.43 million Americans what work to serve and prepare food at a variety of restaurants. Together, they average around $20,460 a year in wages. Under the current tax law, they would get taxed around $1,042.75. With the new tax law taken into consideration, they would only be taxed around $846. This is a cut just under twenty-percent.