I am sure you have heard about tax reform. Here is how it affects you:
The U.S. Senate and House have passed different versions of a sweeping tax overhaul worth roughly $1.4 trillion, awaiting a special committee to mitigate the difference and bring together one copy of the bill for final approval and presentation to the president for signature.
When signed by the president, the bill will take effect in January and impact the 2018 taxes. The proposed law was approved along party line with the exception of Republican Sen. Bob Corker of Tennessee, who was the only member of GOP to vote along the Democrats.
Advocates for the change, such as President Trump described the bill as a massive tax cut for working families across America.
Opponents of the tax bill, such as House Minority Leader Nancy Pelosi, D-Calif, called it a “scam and a product of haste.”
The bill limits local property tax to $10,000 and doubled the standard deduction level to $12,000 for individual and $24,000 for couples.
Both House and Senate bills reduce the tax brackets, and the special committee would have to bridge them together. All changes are expected to be completed before Christmas.