What the New Tax Bill Means for You

Tax Reform: Standard vs. Itemized Deductions 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.

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The new bill would limit to $10,000 the amount of state and local taxes, including property taxes, that can be deducted annually.

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.

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.

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.

What’s in Republicans’ tax plan and what it means for you. By .. ambitious and long-awaited tax bill Thursday that seeks to simplify the tax code and reduce corporate rates, the latest step as.

You can no longer deduct moving expenses under the new tax bill, unless you are a military service member moving to a new base. Sadly, this is probably the biggest bummer in the new law for those who are contemplating a move for work.

“I haven’t had the time to process what it all means. on tax bills. But after the 2008 recession, where homes lost their values in the ensuing decade, the Legislature changed the rules so that.

on Wednesday rolled out legislation to create a new tax credit to help. proposals to expand existing tax credits benefiting people with low and moderate incomes. The House Ways and Means Committee.

To request permission for specific items, click on the “reuse permissions” button on the page where you find the item. The IRS launched a new Tax Withholding Estimator. Faced an unexpected tax bill.

Everyone's financial/tax situation will be different – There will quite likely be both ' good' and 'bad' implications of the new tax law for you and.