Spend some time on one of the many tax calculators out there to estimate the impact of the GOP’s tax bill, and you quickly find there is no average American. A married couple under one calculator making $25,000 to $75,000 with no kids, living in a high-tax state (and therefore itemizing) likely pays $120 more under the new plan; but a non-itemizing couple could save $520. (That’s it? Yup). Change the income to $350,000 to $750,000, and the savings for an itemizer soars to more than $13,000 (much more if you can run your money through a pass-through).
But such calculators have a major omission.