How the Tax Bill Will Affect Eight American Families
From multimillionaires to struggling renters, most everyone will get more money initially. But there is bad news on the horizon.
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If you’re confused by how the Republican tax bill will affect you, you’re not alone.
The final version rewrites the tax code in dozens of ways, eliminating deductions, changing rates, and creating brand-new benefits for certain taxpayers, such as business owners. The bottom line, though, is that next year a majority of Americans will get a tax cut. Four out of every five taxpayers can expect a reduction, according to the Tax Policy Center. Overall, the average taxpayer should see their after-tax income rise by 2.2 percent.