What the New Tax Bill Means for You

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Later in New Hampshire. "He said you’re going to have to raise taxes on the middle class. He said it’s going to end all.

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The new bill lowers the corporate tax rate from 35 to 21 percent. How does it impact my personal income tax? The bill keeps the seven tax brackets while reducing the rates for five of them.

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Also, under the new tax law, the three capital gains income.. made by the tax reform bill go into effect for the 2018 tax year, which means you'll.

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 does the Senate tax plan mean for you? By . megan hughes. People living in high-tax cities and states like New York and. The Senate tax bill will include my SALT amendment to allow.

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Now may be time to consider what is in the new law, and what it may mean for you. "This is the most sweeping tax reform package in decades,".

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.

To see how Trump’s tax plan affects you personally, use this federal income tax calculator. How It Affects Businesses. The tax plan helps businesses more than individuals. Business tax cuts are permanent, while the individual cuts expire in 2025. But the nation’s largest private employer, Walmart, said it will raise wages. It will also use the.

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This piece has been updated to reflect the final version of the tax bill. President Trump signed a long-awaited tax bill into law on December 22nd, a few days after it passed the Senate 51-48.