What the GOP tax bill would mean for your 2018 filing
With the Senate set to vote on the GOP tax bill, and the House set to re-vote, it’s left a lot of Americans wondering how it will affect their income taxes when they file in 2018.
A few of the main points in the bill including changing the number and amount of personal income brackets, eliminating the personal exemption and adjusting tax credits for children.
So what does that mean for you? According to a calculator put together by the New York Times, a person making $50,000, filing as married with 2 children and not taking the standard deduction would see a $1,000 tax cut in 2018.
To see the impact to your personal taxes, check out the calculator by following this link.