As the Republicans get closer to signing tax reform into law, many Americans are wondering what their taxes might look like under the legislation.
According to analysis from the Tax Policy Center, most income groups should find reduced taxes on average. In 2018, 80% of taxpayers should receive a tax cut, averaging about $2,100, the analysis found. However, the tax cuts as a percentage of after-tax income would benefit the higher-income groups the most. What’s more, about 5% of taxpayers should expect to see their taxes increase by about $2,800 in 2018. That percentage of taxpayers with an increase is expected to rise to 9% in 2025 and 53% in 2027 compared with the current law, the analysis found.
To get a picture of what American taxpayers might see next year, David Luther, the content marketing editor at career insights website Zippia, crunched data for more than 800 professions to come up with some estimates.
For this undertaking, Luther used New Jersey exemptions as a baseline because it’s a population-dense state that has fairly high state taxes. He also made the assumption that the individual is unmarried and childless and a homeowner with a house valued at three-times the median wage for the occupation.
Yahoo Finance pulled out the 15 most commons jobs in the U.S. to see how they fare under the new tax plan.
1. Retail Salespersons
There are more than 4.53 million retail salespersons in America with a mean annual wage of $27,180. These are people who sell merchandise such as furniture, clothing, cars, or appliances.
Current tax: $2,050.75
New tax: $1,631.10
Cut: $419.65
Percentage change: 20.4% cut
2. Cashiers
There are more than 3.54 million cashiers in the U.S. These are folks who run cash registers and process credit and debit card transactions. They have a mean annual wage of $21,680.
Current tax: $1,225.75
New tax: $971.10
Cut: $254.65
Percentage change: 20.8% cut
3. Combined food preparation and serving workers, including fast food
There are more than 3.43 million Americans who prepare and serve food. They take home a mean annual wage of $20,460.
Current tax: $1,042.75
New tax: $846
Cut: $196.75
Percentage change: 18.8% cut
4. Office clerks, general
More than 2.95 million Americans perform general clerical duties in an office environment that usually consists of answer phones, bookkeeping, word processing, filings and office machine operation. They earn a mean annual wage of $33,010.
Current tax: $2,925.25
New tax: $2,330.70
Cut: $594.55
Percentage change: 20.3% cut
5. Registered nurses
More than 2.86 million registered nurses work in the U.S. taking home a mean annual wage of $72,180.