You may have heard the House and Senate approved a new tax bill. Notably, not a single Democrat voted for the bill in either chamber. In the haste of pushing the bill through, Republican Senators made math mistakes, rewrote sections of the bill by hand, and quickly forced a vote. They probably didn’t want their fellow conservatives to realize that the law will decrease federal government revenue by $1.5 trillion over the next decade, likely increasing the nation’s deficit—a longtime boogeyman of self- professed fiscal conservatives on the right.  Although there’s debate about when he will sign, be sure that once Trump signs it, the 700+ page law will go into effect. Be sure to get the accountants in your life a gift ahead of tax season. Regarding the real impact of the law next year, check out this helpful comparison calculator. In the long-run, the nonpartisan Tax Policy Center estimates that households earning $50,000 to $75,000 would pay on average $30 more than today. However, households earning over $1 million would pay $23,000 less in taxes than today. Indeed, much of the controversy around the bill surrounded its benefit to the top 4% of income earners, who arguably weren’t in need of the breaks in the first place.

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