A slider for inputting multi digit numbers? Pain.
Show HN: Calculator for US individual income tax, from 1970-present
91–100 of 160 posts
Re: Show HN: Calculator for US individual income tax, from 1970-present
#92This is really cool, but I have to say that sliders are the absolute worst way to input income and benefits. Why not just use a simple textbox?
You can switch to text boxes via the gear at the top right.
Re: Show HN: Calculator for US individual income tax, from 1970-present
#93Earlier quoted context omitted.
You did have to be wealthy, but $100,000 in 1980 is equivalent to $383,000 today which is pretty wealthy. So it’s basically income above $400,000 today. And many of the tax “loopholes” involved real estate investment which would be accessible at that income level.
$380k is not wealthy. Most people can live just fine on $380k, don’t get me wrong, but it is basically upper middle class. If $380k/yr is wealthy then what is $20 million/yr?
While technically a better term for assets than income, we'll continue to use "wealthy".
You should realize that multiple things can be wealthy.
$380k is wealthy and $20M is also wealthy. $20M is wealthier than $380k.
Im the US, an income of $380k is the 99th percentile.
In a higher COL state of California, an income of $380k is still in the 99th percentile.
And for the very high COL city of San Francisco, an income of $380k is still just about the 99th percentile
If a person is making $380k, regardless of what they may believe, they are absolutely not middle class in any way shape or form. They are "wealthy".
Re: Show HN: Calculator for US individual income tax, from 1970-present
#94Fantastic job making taxsim more accessible! We've built an open-source version of taxsim called OpenFisca US [1] which we expose in our (also open-source) web app, PolicyEngine US [2]. We haven't yet implemented all of taxsim—we only have the most recent couple of years, and not all states—but we have some advantages like implementing means-tested benefits and being able to simulate custom tax and benefit reforms, b…
This looks great. Some quick examples of how to use it in the readme would give users a quick and easy way of exploring what it can do.
Re: Show HN: Calculator for US individual income tax, from 1970-present
#95Would be helpful if there was a way to see a graph of how the amounts change over time.
I find myself putting in my info and then click minus on the years to see how the years change.
Re: Show HN: Calculator for US individual income tax, from 1970-present
#96I was curious to see how many kids it would take to lower my taxes to zero.
Apparently, you’re not allowed to have more than 15 dependents.
Re: Show HN: Calculator for US individual income tax, from 1970-present
#97This is amazing. Would there be a way to estimate future year taxes? For example, knowing past years inflation numbers could you run possible scenarios of future tax brackets? The adjustment process seems to be opaque[1] but perhaps you could use a regression to estimate it. Then you would only need the ability to make those adjustments in this program to run future year scenarios. 1: https://www.irs.gov/newsroom/irs…
>Would there be a way to estimate future year taxes? You can't even always estimate current year taxes, since Congress has lately taken to making retroactive changes to the tax code even after the end of the tax year (just extending their long-term habit of making changes in late December of the current year).
Well I’m not looking for 100% accuracy, and it doesn’t need to cover all types of income. I’m interested in long term investment income with various input types of accounts and investments given different inflation and tax policy scenarios. It just needs to be better than the software I’ve seen which is basically trash (assumes a flat percent tax).
Re: Show HN: Calculator for US individual income tax, from 1970-present
#98This is awesome! Permanently bookmarked!
Re: Show HN: Calculator for US individual income tax, from 1970-present
#99The tax is not accurate historically, for higher income brackets. Prior to 2018(?) you could deduct the majority of your state income tax from the federal income tax (the "Trump tax cuts"). https://nypost.com/2021/10/05/court-upholds-trump-law-limiti... Basically, prior to that implementation, you were really paying MAX(federal income tax, state income tax). After that implementation, you could only deduct a maximum…
I don't believe you're calculating the pre law change correctly.
You could deduct your state tax from your income for federal tax purposes. So if you made 100k and paid 17k in state taxes, your federal AGI was 83k. Post change, it would have been 90k.
The Trump era change was really a fuck you to high earners in states with high taxes. Shockingly, a majority of those people tended to vote for the Democratic Party.
Re: Show HN: Calculator for US individual income tax, from 1970-present
#100This seems beyond misleading it doesn't even have a method to enter most of the now illegal methods to lower your tax bill. Tax straddles were only banned in 1977 before that you should have easily been able to more then halve your tax bill with futures.
Doesn’t this fit into “other adjustments”? Net operating loss is listed among the examples there.