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The Tax Bill: What It Means and How It Affects You

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The Tax Bill: What It Means and How It Affects You

Eva Ricci, Chief Editor

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On Tuesday night, the United States Senate passed the final edit of the Tax Reform bill. With a 51-48 outcome, all republicans voted in support and no democrats voted in favor. The bill was then sent back to the House for a final vote, and was passed 227-203.

According to the republican designers of the bill, its goals are to spark economic growth, provide tax relief to the middle-class, assist small businesses and help establish energy independence. This doesn’t sound to be all that bad, so why has this bill been engulfed with controversy?

Democrats claim that the bill does not in fact help the middle-class, but instead benefits the wealthy and large corporations. Democrat, Chuck Schumer explains on Twitter: “What a disgrace. That’s what this bill is. It’s an absolute disgrace. There is no reason for a single middle-class family to pay more while every single corporation pays less”.

Courtesy of TaxFoundation.org

Despite the claims, this is still a major victory for republicans. After their failure to pass the Obamacare repeal, passing this tax bill shows their ability to unite, despite the divides that have plagued both political parties.

So what’s inside the bill and how does it change what is in place?

The tax bill mainly affects income tax brackets. Tax brackets are based on the amount of money you make. This income subsequently determines which tax bracket you fall into and the percentage of federal tax that is withheld. For students that have a job, this tax bill probably won’t affect you as much as it may affect your parents. The images to the right show what the new tax brackets will be, dependent upon income and how taxes are filed (as a joint or single filer).

But tax bracket changes are not the only aspect that will be implemented due to the passing of this bill. The individual mandate of the Affordable Care Act will now be repealed as proposed by the Senate. This means, individuals will not have to purchase and will not be fined if they do not have health insurance.

For months, President Trump has called this bill to be a “Christmas present for

Courtesy of TaxFoundation.org

the American people”. This bill will impact all working Americans, and as developments and implementations take place, how the bill will be perceived is something the American people will have to weigh in on.

 

 

 

 

 

 

 

 

 

 

 

Sources:

http://www.foxnews.com/politics/2017/12/20/senate-approves-tax-reform-package-sends-bill-back-to-house-for-final-vote.html

www.taxfoundation.org/final-tax-cuts-and-jobs-act-details-analysis/

www.static.seattletimes.com/wp-content/uploads/2017/11/Tax_Overhaul_145500-780×472.jpg

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The Tax Bill: What It Means and How It Affects You