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

  1. Married Couples Tax

Under the previous structure of tax brackets, married couples were penalized, in a sense, because they ended up paying more in taxes after being married than if they stayed single and filed separately.

It’s not surprising that Republicans wanted to make tax changes that rewarded the marriage institution.

The penalty is now eliminated for all married couples except those making more than $400,000.