BuzzFeed News

Reporting To You

politics

Here's How To Find Out How The Republican Tax Plan Will Affect You

Several websites have built helpful calculators to see how your taxes might be affected.

Last updated on December 20, 2017, at 1:04 p.m. ET

Posted on December 19, 2017, at 4:15 p.m. ET

Republicans have just passed a major overhaul of the tax system.

James Lawler Duggan / Reuters

The conference bill, which is now just President Donald Trump's signature away from being law, is broadly similar to the one was passed by the Senate earlier this month, but has a new tax rate of 37% for the wealthiest Americans (down from 39.6%) and a new corporate tax rate of 21% (down from 35%).

Mark Wilson / Getty Images

Low and middle income Americans will also get tax benefits, but all the individual tax breaks would expire after 2025.

Yuri Gripas / Reuters

The final legislation also removes some earlier controversial provisions, such as the elimination of the tax credit for adoptive parents and the blocking of graduate students from waiving their tuition from their taxable income.

Alex Wong / Getty Images

The bill did not get any support from Democrats, who say the legislation was rushed and is weighed towards Republican donors.

James Lawler Duggan / Reuters

The legislation is still fresh, but to get a sense of how the bill might broadly affect you, CNN has built a helpful calculator which shows what your taxes may look like in the years to come.

CNN / Via cnn.com

To fill it out, you enter your income bracket, state of residence, number of kids, and whether you're filing a joint or single return.

CNN

The New York Times has also built a calculator, which makes an assessment based on four questions related to your personal taxes.

New York Times

The New York Times also built this Q&A which asks a bunch of questions about your financial status and plans.

NYTimes

As you answer each question, it goes into some brief detail about the particulars of the final bill.

NYTimes / Via nytimes.com

Earlier this month, before the House and Senate bills were merged, the Wall Street Journal created this calculator, but it was based on an analysis of the House bill. Still, it's useful to see how your tax burden may have shifted under this new bill.

WSJ / Via wsj.com

The Wall Street Journal also has a helpful overview of what the tax bill does to various deductions, which you can read here.

For a cleaner, side-by-side comparison of the current law with the proposed changes, check out NPR's breakdown of the tweaks to tax brackets, standard deductions, and state and local tax deductions.

Are you a parent? Or a small-business owner? What about state and local taxes -- do you deduct those? @titonka bre… https://t.co/mQPff8QtuN

Support our journalism

Help BuzzFeed News reporters expose injustices and keep quality news free.

Contribute
ADVERTISEMENT