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Tax bill: Everything you need to know about the Tax Cuts and Jobs Act Tax bill: California unveils plan to skirt Trump’s SALT deduction cap Tax bill 101: What the new law means for homeowners
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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.
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.
That means they would pay taxes on $30,400 of taxable income. Their base tax bill of $3,608 would be reduced by $2,000 in child tax credits for a total income tax of $1,608. Under the House plan, the same married couple with two children would get $3,800 in tax credits, $3,200 for the two children and $600 for the two parents.
What this means for you: While every little bit helps, these tax breaks are minimal and only impact a select few. High earners with large amounts of student loan debt often phase-out of the $2,500.
· People living in high-tax cities and states. In Westchester County, New York, the property tax deduction alone is worth $5,548 per filer, according to the Tax Foundation. The Senate tax bill will include my SALT amendment to allow taxpayers.