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Wednesday, December 20, 2017

Here are three calculators to find out how the tax bill might affect you

Posted By on Wed, Dec 20, 2017 at 4:01 PM

click to enlarge IMAGES MONEY / CREATIVE COMMONS 2.0
  • IMAGES MONEY / CREATIVE COMMONS 2.0

Following a final House of Representatives vote that took place earlier this afternoon, the tax bill that dominated political news throughout this fall will head to President Donald Trump's desk for his signature. The controversial, sweeping reform package makes changes that affect both corporations and individual taxpayers and has been criticized for its party-line passage — no House or Senate Democrats voted for the final version of the bill — and for a widespread sense that most of the bill's benefits apply to corporations and the very wealthy,  and that its provisions could dramatically worsen economic inequality.

For those of us who are not corporations (or plutocrats), there probably is at least some concern as to how the bill might affect our personal tax rates. With that in mind, here are a few preliminary calculators offered by national publications that suggest what could happen to your personal tax bill.
In Louisiana, U.S. Sens. Bill Cassidy and John Neely Kennedy and U.S. Reps. Steve Scalise, Clay Higgins, Mike Johnson, Ralph Abraham and Garret Graves all voted for the bill. U.S. Rep. Cedric Richmond voted against it.

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