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Here Is How The GOP Tax Bill Affects You

Alex Pfeiffer White House Correspondent
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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.