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What Trump's tax plan means for families in 20 U.S. cities

  • Michael Vadon // Flickr
    1/ Michael Vadon // Flickr

    What Trump's tax plan means for families in 20 U.S. cities

    Regardless of political affiliation, most Americans will be closely monitoring the upcoming vote for Trump’s Tax Cuts and Jobs Act. Introduced in late October by House Republicans, the plan calls for extensive changes that would constitute the most significant overhaul of the tax system in decades.

    The plan encompasses a wide range of changes to the federal tax code, including reducing corporate tax rates, rolling back estate taxes, expanding family and child tax credits, and lowering the maximum mortgage interest rate deduction. Throughout the deluge of changes, two components stand out for their widespread relevance to American families: the simplification of tax brackets and rollback of deductions related to state and local taxes (SALT).

    Under the new proposal, federal income tax brackets would reduce from seven tiers to four, with rates of 12%, 25%, 35% and 39.6%. Meanwhile, state and local tax deductions, currently used by nearly one-third of filers, would be capped at $10,000 per person for property taxes and eliminated entirely for income and sales taxes - a change intended to raise new revenue crucial to making the Trump plan economically viable.

    A new study by SmartAsset's Derek Miller and Dave Colletta analyzes how the new tax plan would impact families in 20 major cities across America. This evaluation looks at how total income taxes would change under the Trump plan for each metro across four tiers of household income: low (20th percentile of earners), median (50th percentile), high (95th percentile), and highest ($1.5 million in household income).

    While there are a number of factors that impact each family’s take-home paycheck, this analysis offers a revealing look at how the proposed tax reforms can play out for a significant portion of Americans. Check out the list to see how your taxes may be affected.

  • Daniel Schwen // Wikicommons
    2/ Daniel Schwen // Wikicommons

    St. Louis, Missouri

    Low income ($14,700): No change (current $1,125 vs. Trump plan: $1,125)

    Median income ($40,346): No change (current $4,342 vs. Trump plan: $4,342)

    High income ($181,200): $2,062 tax decrease (current $47,943 vs. Trump plan: $45,881)

    Highest income ($1,500,000): $10,091 tax increase (current $621,075 vs. Trump plan: $631,166)

  • EdgeOfReason // Shutterstock
    3/ EdgeOfReason // Shutterstock

    Denver, Colorado

    Low income ($25,000): No change (current $3,070 vs. Trump plan: $3,070)

    Median income ($61,105): $646 tax decrease (current $9,402 vs. Trump plan: $8,756)

    High income ($250,000): $6,222 tax decrease (current $71,210 vs. Trump plan: $64,989)

    Highest income ($1,500,000): $3,086 tax decrease (current $597,823 vs. Trump plan: $594,736)

  • pxhere
    4/ pxhere

    Tampa, Florida

    Low income ($18,800): No change (current $1,438 vs. Trump plan: $1,438)

    Median income ($50,405): $293 tax decrease (current $4,149 vs. Trump plan: $3,856)

    High income ($250,000): $6,222 tax decrease (current $60,333 vs. Trump plan: $54,111)

    Highest income ($1,500,000): $28,931 tax decrease (current $559,681 vs. Trump plan: $530,750)

  • SD Dirk // Flickr
    5/ SD Dirk // Flickr

    San Diego, California

    Low income ($30,100): No change (current $2,537 vs. Trump plan: $2,537)

    Median income ($71,481): $957 tax decrease (current $10,470 vs. Trump plan: $9,513)

    High income ($250,000): $6,222 tax decrease (current $76,705 vs. Trump plan: $70,483)

    Highest income ($1,500,000): $29,822 tax increase (current $644,734 vs. Trump plan: $674,556)

  • Terry Foote // Wikicommons
    6/ Terry Foote // Wikicommons

    Minneapolis, Minnesota

    Low income ($19,800): No change (current $1,515 vs. Trump plan: $1,515)

    Median income ($56,255): $500 tax decrease (current $6,954 vs. Trump plan: $6,454)

    High income ($222,200): $5,137 tax decrease (current $64,282 vs. Trump plan: $59,145)

    Highest income ($1,500,000): $22,951 tax increase (current $640,703 vs. Trump plan: $663,654)

  • Mtaylor444 // Wikicommons
    7/ Mtaylor444 // Wikicommons

    Seattle, Washington

    Low income ($31,500): No change (current $2,410 vs. Trump plan: $2,410)

    Median income ($83,476): $1,317 tax decrease (current $11,640 vs. Trump plan: $10,323)

    High income ($250,000): $6,222 tax decrease (current $60,333 vs. Trump plan: $54,111)

    Highest income ($1,500,000): $28,931 tax decrease (current $554,347 vs. Trump plan: $525,416)

  • Andrew Jameson // Wikcommons
    8/ Andrew Jameson // Wikcommons

    Detroit, Michigan

    Low income ($9,900): No change (current $757 vs. Trump plan: $757)

    Median income ($28,099): No change (current $2,954 vs. Trump plan: $2,954)

    High income ($115,800): $2,770 tax decrease (current $25,689 vs. Trump plan: $22,919)

    Highest income ($1,500,000): $8,137 tax increase (current $620,489 vs. Trump plan: $628,626)

  • Daniel Orth // Flickr
    9/ Daniel Orth // Flickr

    Riverside, California

    Low income ($25,900): No change (current $2,137 vs. Trump plan: $2,137)

    Median income ($63,548): $719 tax decrease (current $8,333 vs. Trump plan: $7,614)

    High income ($198,500): $3,359 tax decrease (current $53,856 vs. Trump plan: $50,497)

    Highest income ($1,500,000): $29,398 tax increase (current $640,899 vs. Trump plan: $670,296)

  • Jerry Ferguson // Flickr
    10/ Jerry Ferguson // Flickr

    Phoenix, Arizona

    Low income ($22,200): No change (current $1,783 vs. Trump plan: $1,783)

    Median income ($52,062): $374 tax decrease (current $5,420 vs. Trump plan: $5,045)

    High income ($200,100): $4,007 tax decrease (current $50,319 vs. Trump plan: $46,312)

    Highest income ($1,500,000): $4,617 tax decrease (current $594,667 vs. Trump plan: $590,050)

  • Fred Hsu // Wikicommons
    11/ Fred Hsu // Wikicommons

    San Francisco, California

    Low income ($31,000): No change (current $2,624 vs. Trump plan: $2,624)

    Median income ($103,801): $1,927 tax decrease (current $19,934 vs. Trump plan: $18,007)

    High income ($250,000): $6,222 tax decrease (current $76,677 vs. Trump plan: $70,455)

    Highest income ($1,500,000): $29,727 tax increase (current $643,882 vs. Trump plan: $673,609)

  • Ian Howard // Wikicommons
    12/ Ian Howard // Wikicommons

    Boston, Massachusetts

    Low income ($17,200): No change (current $1,642 vs. Trump plan: $1,642)

    Median income ($63,621): $721 tax decrease (current $9,837 vs. Trump plan: $9,115)

    High income ($250,000): $6,222 tax decrease (current $71,808 vs. Trump plan: $65,586)

    Highest income ($1,500,000): $576 tax decrease (current $603,711 vs. Trump plan: $603,135)

  • Thechased // Wikicommons
    13/ Thechased // Wikicommons

    Atlanta, Georgia

    Low income ($16,800): No change (current $1,480 vs. Trump plan: $1,480)

    Median income ($53,843): $428 tax decrease (current $7,317 vs. Trump plan: $6,889)

    High income ($250,000): $6,222 tax decrease (current $73,478 vs. Trump plan: $67,257)

    Highest income ($1,500,000): $3,530 tax increase (current $594,820 vs. Trump plan: $598,349)

  • James Willamor // Wikicommons
    14/ James Willamor // Wikicommons

    Miami, Florida

    Low income ($12,300): No change (current $941 vs. Trump plan: $941)

    Median income ($34,901): No change (current $2,670 vs. Trump plan: $2,670)

    High income ($200,500): $5,708 tax decrease (current $45,726 vs. Trump plan: $40,019)

    Highest income ($1,500,000): $28,931 tax decrease (current $558,136 vs. Trump plan: $529,205)

  • Dave Z // Wikicommons
    15/ Dave Z // Wikicommons

    Philadelphia, Pennsylvania

    Low income ($14,200): No change (current $1,522 vs. Trump plan: $1,522)

    Median income ($41,449): No change (current $4,443 vs. Trump plan: $4,443)

    High income ($174,100): $3,459 tax decrease (current $41,393 vs. Trump plan: $37,933)

    Highest income ($1,500,000): $11,647 tax decrease (current $589,550 vs. Trump plan: $577,902)

  • Pixabay
    16/ Pixabay

    Washington, D.C.

    Low income ($20,800): No change (current $1,805 vs. Trump plan: $1,805)

    Median income ($75,506): $1,078 tax decrease (current $13,339 vs. Trump plan: $12,262)

    High income ($250,000): $6,222 tax decrease (current $77,927 vs. Trump plan: $71,706)

    Highest income ($1,500,000): $18,575 tax increase (current $626,071 vs. Trump plan: $644,646)

  • eflon // Wikicommons
    17/ eflon // Wikicommons

    Houston, Texas

    Low income ($20,200): No change (current $1,545 vs. Trump plan: $1,545)

    Median income ($47,793): No change (current $3,656 vs. Trump plan: $3,656)

    High income ($234,700): $5,831 tax decrease (current $55,146 vs. Trump plan: $49,315)

    Highest income ($1,500,000): $28,931 tax decrease (current $556,139 vs. Trump plan: $527,208)

  • skeeze // pixabay
    18/ skeeze // pixabay

    Dallas, Texas

    Low income ($21,300): No change (current $1,629 vs. Trump plan: $1,629)

    Median income ($47,243): No change (current $3,614 vs. Trump plan: $3,614)

    High income ($235,100): $5,988 tax decrease (current $55,458 vs. Trump plan: $49,470)

    Highest income ($1,500,000): $28,931 tax decrease (current $557,975 vs. Trump plan: $529,044)

  • John Picken // Wikicommons
    19/ John Picken // Wikicommons

    Chicago, Illinois

    Low income ($19,000): No change (current $1,963 vs. Trump plan: $1,963)

    Median income ($53,006): $403 tax decrease (current $6,932 vs. Trump plan: $6,529)

    High income ($231,100): $5,704 tax decrease (current $64,305 vs. Trump plan: $58,601)

    Highest income ($1,500,000): $1,292 tax decrease (current $604,169 vs. Trump plan: $602,877)

  • BKD // Pixabay
    20/ BKD // Pixabay

    Los Angeles, California

    Low income ($20,500): No change (current $1,670 vs. Trump plan: $1,670)

    Median income ($54,432): $445 tax decrease (current $5,904 vs. Trump plan: $5,459)

    High income ($250,000): $6,222 tax decrease (current $76,733 vs. Trump plan: $70,511)

    Highest income ($1,500,000): $29,918 tax increase (current $645,603 vs. Trump plan: $675,521)

  • Anthony Quintano // Wikicommons
    21/ Anthony Quintano // Wikicommons

    New York, New York

    Low income ($19,400): No change (current $1,584 vs. Trump plan: $1,584)

    Median income ($58,856): $578 tax decrease (current $9,348 vs. Trump plan: $8,770)

    High income ($250,000): $6,222 tax decrease (current $83,026 vs. Trump plan: $76,805)

    Highest income ($1,500,000): $29,917 tax increase (current $650,409 vs. Trump plan: $680,326)

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