Category: Individuals

How Was My Health Care Affected By This Tax Law?

The tax plan recently signed into law affects the American health care system in three major ways. First, it repeals the Affordable Care Act‘s requirement that all individuals have health insurance. Second, the tax bill will grow the national deficit by $1.8 trillion, potentially triggering drastic cuts to Medicare, Medicaid, and other public health services. … Continued

What Does The Corporate Tax Cut Mean For Jobs Here At Home?

The tax plan creates a major new incentive for corporations to move – and create – jobs overseas. That’s because the plan permanently reduces the tax rate on corporations’ foreign income to about half their tax rate on income earned in the United States, or even lower in some cases. This permanent change will encourage … Continued

What Are The Main Tax Cuts In The New Law And How Much Are They Worth?

This new tax law includes some of the biggest changes to the federal tax code in the last thirty years. Some of these massive changes are permanent, some of them are temporary. The changes affect different people in different ways, depending on their income, family size, and employment. Below is a breakdown of the biggest … Continued

Did My Tax Rate Go Up Or Down?

The new tax law shifted the structure of the tax rates and the tax brackets, so the rate that you paid last year may not be the same rate you pay this year. The new plan maintains the seven-bracket structure from the old law but modifies the rates and income thresholds. The new plan also … Continued

Who’s Getting All of These Tax Cuts?

The new tax law costs an estimated $1.8 trillion and contained within it are some of the biggest tax cuts in recent memory. But those tax cuts are not distributed evenly across all income levels, and they are not consistent over time. Initially, many Americans are going to see their taxes go down slightly, but … Continued

When Will I See Changes to My Paycheck Due To The Tax Law?

Many people are understandably interested in how the tax plan will affect their paycheck right away. Unfortunately, although proponents of the tax plan promised there would be immediate tax cuts, taxpayers may or may not see any benefits reflected in their regular paychecks. That’s because whether your paycheck changes now depends on a complicated calculation … Continued

I Used To Be Able To Take A $4,000 Exemption For Each Person In My Family – Why Can’t I Do That Anymore?

One of the biggest changes to the individual tax code that was codified in the new tax law was the elimination of a tax benefit called the personal exemption. The exemption was available to all people within a household and served to lower the taxable income for a family (or individual). In 2017, the personal … Continued

How Long Are The Tax Plan’s Changes In Effect?

The tax cuts for corporations are permanent, but the tax changes for individuals generally expire after 2025, except for two provisions that remain. Those two changes actually raise taxes on individuals. As a result, most individuals and families will face tax increases after 2025 and beyond, especially low- and middle-income families. Tax Cuts for Individuals … Continued

What Are The Changes To The Estate Tax? Do They Help Me Lower My Tax Bill?

The structure of the estate tax – a tax on inherited wealth – changed under the new tax plan, but the changes affect an increasingly small number of people. What is the estate tax? The estate tax was instituted as a way to ensure that wealthy individuals paid at least some tax on their wealth. Most … Continued

What Is A Stock Buyback, And How Is It Connected To The Tax Law?

Stock buybacks have increasingly been in the news since the passage of the new tax law. But what are they? A stock buyback is a tool used by corporations to deliver a benefit – akin to a bonus – to their major shareholders and, often, to their top executives. A stock buyback – also called … Continued

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