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What the New Tax Bill Means for You

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.

 · New York is doing its best to make it possible for Congress to get its hands on President Donald Trump’s state tax returns.Will it work? That’s an open question. It’s not even clear House.

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 Law Means for You. The new tax bill passed by Congress on Wednesday and signed into law on Friday is a major coup for U.

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How this could affect you: Taking the standard deduction for the 2018 tax year might score you a lower tax bill than itemizing would. Using the standard deduction generally takes less time than.

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Economy What the Republican Tax Plan Means for You, Your Investments and Your Industry A guide to the Journal’s best tax coverage

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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.

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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