What the New Tax Bill Means for You

But having passed the House and Senate, the bill is now a President Trump signature away from becoming the law of the land, so what does it mean for you, the taxpayer? In the past, tax reform.

The new bill would limit to $10,000 the amount of state and local taxes, including property taxes, that can be deducted annually.

It’s Official: What the New Tax Bill Means for You. Ultimately, how the bill shakes out for each individual or family depends on income and wealth level, family size, what state you live in and whether you own a home, among other factors. tim steffen, director of advanced planning at Baird private wealth management,

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Struggling to Pay Current Bills It goes without. a new driveway ($4,000) and a new car ($10,000 down and $300 a month)..

What the New tax law means for You. The new tax bill passed by Congress on Wednesday and signed into law on Friday is a major coup for U.

Republicans say it’s a tax cut for the middle class. The biggest winners are the rich. republicans claim the bill is meant to benefit the middle class, but lower- and middle-class taxpayers will receive moderate tax cuts. The wealthy, by contrast, get a massive windfall, and the corporate tax rate would nearly cut in half.

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.

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.

The 50-page bill is similar to what New Jersey, Nevada and Connecticut have. This information is not intended as authoritative guidance or tax or legal advice. Each plan has unique requirements,

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The bill must. release his tax returns during the 2016 presidential campaign, breaking decades of precedent. New York’s legislation would not give House Democrats access to the six years of federal.