Top 5 Things You Need To Know About The New Tax Cuts

There are some big changes already happening in 2018. The Trump administration has been hard at work improving a lot of the shortcomings they were left with after the Obama administration made their exodus.

And although we don’t know all that the new year has in store for us, we do know there are many positive forces at work, making for an optimistic prognosis.

The biggest accomplishment for the GOP since Trump has taken office is the recently passed $1.5 trillion dollar tax reform bill.

Fox News reports:

After being forced to vote a second time on the sweeping tax reform package due to last minute revisions, the House gave its final stamp of approval to the bill on Wednesday. 

The bill passed in the House in a 224 to 201 vote. Early Wednesday [December 21st] morning, the Senate approved the massive tax reform bill, known as the Tax Cuts and Jobs Act, with a 51 to 48 vote.”   

Most of the changes made won’t make a larger impact until the following year, but you will begin to see an increase in your paycheck starting January 1st as employers will implement the altered withholdings.

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So just what does the new tax bill mean, and how will benefit you and your household?

We break down the top 5 changes starting in 2018 and explain how they will affect the average American come tax season in 2019.