Tuesday, December 05, 2017
Now that both the Senate and House have passed their version of tax relief, MarketWatch has the calculator to show how the bills would potentially impact your finances. The legislation, called the Tax Cuts and Jobs Act, cuts individual tax rates and slashes corporate taxes, among other things. But not everyone's a winner. The mortgage-interest deduction is limited in the House version, and state and local income tax deductions are zapped in both the House and Senate plan. It's only meant to give a look at what happens in the first year after enactment, as the individual tax rates are set to sunset. The calculator also doesn't address more complicated scenarios, like the new tax rates on so-called pass-through companies.
Kind of basic, but you can figure out your contribution to the billionaire relief act of 2017.
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