What the New Tax Bill Means for You

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.

 · Changes to state and local property and income tax deductions. After early proposals called for a wholesale elimination of deductions for amounts paid in some state and local taxes, it was partially maintained in the final bill. Taxpayers would continue to deduct property taxes under the bill – though the amount is capped at $10,000 – while income tax deductions would be eliminated.

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

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.

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.

 · This applies to taxpayers who file jointly as well. The new law also doubles the standard deduction to $12,000 for individuals and $24,000 for joint filers. For taxpayers with few itemized deductions, this means taking the standard deduction will exempt twice as.

The New Tax Bill in Simple Terms and Without the Snarky Comments. The New Tax Bill in Simple Terms and Without the Snarky Comments. Bruce Bialosky. the tax rate was reduced by 3%.That means.

 · What this means for you: It seems the original intent of this tax overhaul was to help American families. Lower corporate taxes would help companies’ bottom lines and could spur.

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New, lower tax rates means you’re looking at saving 20 to 70 cents for each $1,000 of marginal income for 2019. (Photo: Brandon Rose, Getty Images) The Arizona budget agreed to by Gov. Ducey and.