What the New Tax Bill Means for You

When you do this, any untaxed funds will be subject to income tax.. the tax reform bill go into effect for the 2018 tax year, which means you'll.

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But having passed the House and Senate, the bill is now a President Trump signature away from becoming the law of the land, so what does it mean for you, the taxpayer? In the past, tax reform.

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That said, many folks are wondering what’s in the bill and how it might affect them. Here’s a recap of some of the major tax provisions in the new tax bill and how they may impact you. Lower Tax Rates and Changed Income Ranges. The bill retains the seven tax brackets found in current law, but lowers a number of the tax rates.

The House passed a new tax bill on December 20th, causing a lot of uproar and anger for many. But what exactly is in this tax bill, and what does it mean for you? The most controversial aspect of this bill is the large tax cut for corporations. While there are some tax cuts for small businesses, the majority of the cuts will go to large.

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.

KAMIN: When you begin to think through what this tax bill means over the long term. Jim Zarroli, NPR News, New York..

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“I mean, we have very serious provisions that are designed to protect the confidentiality of all New Yorkers’ tax returns from being publicly. legislative personal interest. And this bill says even.

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.

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.