Still there remains much confusion on what will happen to Jane and Joe’s taxes. From CBS:
Tax experts are combing through the legislation to get a handle on how its new tax brackets and treatments of everything from bonds to charitable donations will impact their clients. Meanwhile, Republican leaders say the tax bill will put more money in the pockets of average Americans.
The bill will lower taxes for the middle-fifth of taxpayers by $800 per year on average, but people in the top 1 percent of the income distribution will enjoy an average cut of $55,000, the Institute on Taxation and Economic Policy estimates. Read more