What the New Tax Bill Means for You

Congress passed the Tax Cuts and Jobs Act in December of 2017 which is aimed at cutting taxes for corporations and all Americans. While the bulk of the legislation went into effect january 2018, most taxpayers will not see much of a difference in their taxes until 2019, when they file their 2018 taxes.

What does the senate tax plan mean for you? By . megan hughes. People living in high-tax cities and states like New York and. The senate tax bill will include my SALT amendment to allow.

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 · 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.

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.

Under the current tax plan, you can take deductions for the taxes you pay in state and local income taxes, real estate taxes, and personal property taxes. That means less of your income will be taxed by the federal government depending on how much you pay in taxes to state and local governments.

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You must submit an application to switch to the IBR plan and then you must file yearly income certifications so the government can reassess your monthly student loan payments. You can also file new.

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.

 · The President signed the sweeping tax reform bill, ushering in a broad range of changes including new rules for income tax rates and deductions, college savings incentives, estate planning, and corporate taxes. Now may be time to consider what is in the new law, and what it may mean for you.