Here Is How The GOP Tax Bill Affects You
President Donald Trump is looking to sign tax reform legislation before Christmas and you should know how it will affect you.
The House of Representatives passed the White House-backed bill Tuesday, although it will likely reconsider it Wednesday due to the bill violating Senate rules.
The Tax Policy Center has estimated that 80 percent of taxpayers will get a tax cut in 2018 if the legislation is enacted.
Reason magazine’s Maxim Lott created a calculator that allows you to see how the tax reform will affect you.
Here are two examples:
If you are a single taxpayer living in Pennsylvania making $60,000 a year with no children and taking the standard deduction, you save $1,492.
If you are a married couple with two children in New Mexico making a combined $100,000 and taking the standard deduction, you save $2,868.
The bill, however, is unpopular with the public, according to recent polls. A Monmouth University poll found that 47 percent of Americans don’t approve of the tax proposal.