[efoto]

Not taking property and mortgage interest into account, this tool is misleading at best! I just did my projections. This calculator shows our family will benefit slightly, when in fact our taxes will increase approx. 25K or 40% per year.

[scrumper]

That's what I was expecting too. How did you do those calculations, if you don't mind sharing? With an accountant, the hard way with a spreadsheet, or (please!) some magical accurate online calculator with 5 fields and a big button?

Thanks!

[efoto]

I apologize for missing your question.

Well, first I used the new brackets to calculate the tax and found us slightly in the black. Then I dug out my last year tax return, added four numbers -- income tax, property tax, mortgage and donations -- subtracted proposed 24K standard deduction and applied our new bracket (35%) to the difference. Subtracted the first number. Felt robbed.

That said, I'm waiting for my CPA to get back to me with the projections for 2017 along with the tax reform impact estimate.