The new 2018 tax law is being hyped by politicians as a tax cut for all America, but how will the cuts actually be distributed?
The truth is that it will depend on the kind of year people have and how the economy’s doing. But in the meantime, Politifact has been running the new law against current economic forecasts, and come up with the following results:
- 80% of Americans will see some kind of tax cut in 2018
- For about 40% of households on the lower end of the income spectrum, the cuts will average $480 or less
- The richer 60% of households will see cuts ranging from $1,090 to $285,490 (for the very top earners)
But your personal results will depend significantly on where you live, whether you own property, what kind of deductions you’ve taken – frankly there isn’t really a “typical” case for people with interesting or complicated financial lives.
How will the new tax law affect you? Tax Ninja can help you find out, prepare, and save money.