Some of the TCJA’s key provisions include a reduction in most marginal income tax brackets, near doubling of the standard deduction, and a $10,000 cap on state and local tax deduction. The Tax Policy Center projects that taxes will fall for all income groups and result in an increase of 2.2% in after-tax income. The Tax Policy Center also cautions, however, that some individuals and households may see a higher tax bill.
New Tax Bill-Key Fact #1
January 10, 2018|