A new retirement bill passed by. there’s no complex tax rules,” he says. “There’s no RMDs, no worrying about what the payouts are for each beneficiary. You can make it anything you want.” These.
What the New tax bill means for You The enactment of the Tax Cuts and Jobs Act represents "the most sweeping overhaul of the U.S. tax code in more than 30 years." 1 For millions of Americans and businesses it means an altered financial and investment landscape with new opportunities and challenges in the years ahead.
Republicans say it’s a tax cut for the middle class. The biggest winners are the rich. Republicans claim the bill is meant to benefit the middle class, but lower- and middle-class taxpayers will receive moderate tax cuts. The wealthy, by contrast, get a massive windfall, and the corporate tax rate would nearly cut in half.
· 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.
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What the New Tax Bill Means for You The enactment of the Tax Cuts and Jobs Act represents "the most sweeping overhaul of the U.S. tax code in more than 30 years." 1 For millions of Americans and businesses it means an altered financial and investment landscape with new opportunities and challenges in the years ahead.
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.
Fed’s no-rate hike stance fails to lift U.S. housing outlook:. The fall in average hourly earnings, as pictured at the top of the article, has been impressive. The Fed would not hike rates before "mid-year", and so they will have access to more data before hiking. But if the weakness in wages continues, there is almost no justification for a rate hike.
CHICAGO (MarketWatch) — The new tax bill now on its way to President Obama for his signature will save every American from a number of tax hikes that would have begun Jan. 1 and will add more.
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