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.
The new bill would limit to $10,000 the amount of state and local taxes, including property taxes, that can be deducted annually.
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.
While many feel that the Senate bill is better, both bills eliminate state and local income and property tax deductions, which means states would likely have even fewer funds to pass on to public.
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.
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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Also, the new tax law got rid of or limited a lot of deductions you take at tax time. Which means come April, you may find that you owe the.
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Tax refunds so far have been smaller than last year's. Some. A refund means you overpaid and got money back.. A Treasury Department spokesperson said the new tax law "cut taxes across the board, particularly for.
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There’s a chance Washington may follow California’s lead by enacting a new election. by hiding his tax returns beneath the.