SOURCES: IRS 2016 tax tables, TurboTax TaxCaster, 2017 Tax Cuts and Jobs Act
TRUMP TAX
CURRENT SYSTEM
Standard deduction
Personal exemption
Taxable income
Approximate federal taxes owed
Potential federal tax savings
$12,200
—
$62,800
$9,850
$2,078
$6,350
$4,050
$64,600
$11,928
Single, childless taxpayer, $75,000 salary