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What the New Tax Bill Means for You

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The new tax bill passed by Congress on Wednesday and signed into law on Friday is a major coup for U.S. corporations, but a mixed bag of give-and-take for individual taxpayers, with benefits.

What’s in Republicans’ tax plan and what it means for you. By .. ambitious and long-awaited tax bill Thursday that seeks to simplify the tax code and reduce corporate rates, the latest step as.

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That means they would pay taxes on $30,400 of taxable income. Their base tax bill of $3,608 would be reduced by $2,000 in child tax credits for a total income tax of $1,608. Under the House plan, the same married couple with two children would get $3,800 in tax credits, $3,200 for the two children and $600 for the two parents.

Jon Stewart, the comedian and former host of "The Daily Show," took to Congress last month alongside first responders in support of the bill. new law also changed the withholding tables that your.

That said, many folks are wondering what’s in the bill and how it might affect them. Here’s a recap of some of the major tax provisions in the new tax bill and how they may impact you. Lower Tax Rates and Changed Income Ranges. The bill retains the seven tax brackets found in current law, but lowers a number of the tax rates.

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The new bill lowers the corporate tax rate from 35 to 21 percent. How does it impact my personal income tax? The bill keeps the seven tax brackets while reducing the rates for five of them.

ADVERTISEMENT “This signing is the culmination of a lengthy, bipartisan process undertaken by the Ways and Means. approves bills on tax extenders, expanding tax credits MORE (Texas), also praised.

You can no longer deduct moving expenses under the new tax bill, unless you are a military service member moving to a new base. Sadly, this is probably the biggest bummer in the new law for those who are contemplating a move for work.