The House and Senate are expected to pass the final version of the tax bill this week, and most Americans are expected to see an immediate tax cut in 2018.
But how much of a cut? Individual tax situations are, of course, different. But for most people, the answer will boil down to four factors: How much you earn, your filing status (including children), where you live and whether – and how much — you itemize deductions. Explore above to see a simple estimate of your tax cut or hike.
Many of these cuts are not permanent. The GOP bill sunsets the individual income taxes changes at the end of 2025, while keeping corporate tax cuts in place. And it would adjust how inflation is calculated in the tax code, which would cause many taxpayers getting a cut now to get a hike after 2025.
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