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What the Republican's New Tax Plan Means to the Average American

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President Donald Trump has unveiled a framework for a new tax plan. If it passes into law, it'll be the most significant overhaul of the US tax code in generations. But what does that mean for the average American? The bottom line is: the details are too fuzzy to tell for sure just yet. But the proposed plan indicates that your overall tax rate will likely be roughly the same as it is now, while a number of eliminated deductions and credits could hit you harder. The first thing to understand is that the document is a framework and a lot of details still need to be determined before it can come to a vote. The document we have now is nine pages long. It's a guideline agreed upon by the lead tax reform negotiators in the Republican party, representing Trump and both houses of Congress, all of which are controlled by the Republicans. The actual tax code is thousands of pages long. The details that fill those pages need to be agreed upon by enough people to pass the vote into law, which will likely require cooperation from Democrats. For individuals, the most important detail yet to be determined are the tax brackets. Right now, we have seven brackets for different income levels, ranging from a 10% tax rate to a 39.6% tax rate. The new tax plan would simplify that to three tax brackets with tax rates of 12%, 25%, and 35%. But it's not clear which level of income would qualify for each tax bracket. But taxes aren't just about your total income. There are also all sorts of deductions and credits. People pay different amounts for federal taxes depending on deductions because of student loans, credits for how many children they have, and so forth. Trump's tax plan makes some huge changes for deductions. For young people, the most important may be dropping the deduction for state taxes. Under the current tax plan, you can take deductions for the taxes you pay in state and local income taxes, real estate taxes, and personal property taxes. That means less of your income will be taxed by the federal government depending on how much you pay in taxes to state and local governments. The Republican plan would eliminate that. Individuals and families with somewhat higher incomes will likely have to pay more in taxes in the long run, but those who make substantially more will pay less. But there are many details that still need to be worked out, and there's no guarantee that any of this will pass into law. http://www.businessinsider.com/trump-... http://www.wochit.com This video was produced by YT Wochit Vote It using http://wochit.com


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