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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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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.
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.
The New Tax Bill in Simple Terms and Without the Snarky Comments. The New Tax Bill in Simple Terms and Without the Snarky Comments. Bruce Bialosky. the tax rate was reduced by 3%.That means.
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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They can’t block tax increases. of a major anti-union bill. The bill was being pushed by then-Gov. Scott Walker and the.
· Most taxpayers will see a reduction in their marginal tax rate in 2018. A lower marginal tax rate means a higher after-tax “cost” for charitable giving. For example, an individual with a marginal tax rate of 39.6% under the 2017 law could make a $100 charitable contribution for an after-tax cost of $60.40 ($100-$39.60=$60.40).
· Changes to state and local property and income tax deductions. After early proposals called for a wholesale elimination of deductions for amounts paid in some state and local taxes, it was partially maintained in the final bill. Taxpayers would continue to deduct property taxes under the bill – though the amount is capped at $10,000 – while income tax deductions would be eliminated.
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