What the New Tax Bill Means for You

You don't have to be a fan of the federal tax deal to realize its impact on states like New York has been misrepresented by most of its leading.

What the new tax law means for you. December 28, 2017. *Updated as of January 2, 2018. On December 22, President Trump signed into law a major overhaul.

Now may be time to consider what is in the new law, and what it may mean for you. "This is the most sweeping tax reform package in decades,".

Business owners are subject to a self-employment tax of 12.4% for Social Security and 2.9% for Medicare. If you’re an.

As President Trump signs a new tax law, Americans wonder how it will affect. What the GOP tax overhaul means for Your Healthcare Costs. The impact depends on how you get your health insurance and where you live.

What the new tax law means for you. December 28, 2017 *Updated as of January 2, 2018. On December 22, President Trump signed into law a major overhaul of the American tax code.

Republicans say it’s a tax cut for the middle class. The biggest winners are the rich. Republicans claim the bill is meant to benefit the middle class, but lower- and middle-class taxpayers will receive moderate tax cuts. The wealthy, by contrast, get a massive windfall, and the corporate tax rate would nearly cut in half.

What the New tax bill means for You The enactment of the Tax Cuts and Jobs Act represents "the most sweeping overhaul of the U.S. tax code in more than 30 years." 1 For millions of Americans and businesses it means an altered financial and investment landscape with new opportunities and challenges in the years ahead.

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That means they would pay taxes on $30,400 of taxable income. Their base tax bill of $3,608 would be reduced by $2,000 in child tax credits for a total income tax of $1,608. Under the House plan, the same married couple with two children would get $3,800 in tax credits, $3,200 for the two children and $600 for the two parents.

The new bill lowers the corporate tax rate from 35 to 21 percent. How does it impact my personal income tax? The bill keeps the seven tax brackets while reducing the rates for five of them.

What the New Tax Bill Means for You Homeowners should investigate how much of an increase a new addition means to their property tax bill prior to construction. Call the local building and tax departments. They’ll be able to give you a.