What Do We Think of the Final Draft of the Tax Bill?
The House just voted to pass the final draft of the tax bill, and the Senate is scheduled to vote later today, so… I’m curious what you all think of it.
I mean, I know you haven’t read it. (Insert joke about how many of our elected representatives haven’t read it.) I’ve read a few articles about what’s in the bill, and I suggest starting with The Atlantic’s summary if you haven’t already found your own. The standard deduction is doubled, the personal exemption is out, the health insurance mandate is out, but several of the deductions we were worried about losing (such as deductions for medical expenses and student-loan interest) are still in.
You can also use tax calculators like this one at the Washington Post to determine how much you might end up paying under the new tax plan, although I have yet to find one of these calculators that includes settings for self-employed people. The WaPo’s tax calculator also includes this reminder:
The majority of Americans will be getting a tax cut in 2018 under the new bill. Couples with children will especially benefit, especially if they live in places with low state taxes.
So. What do you think of the tax bill, now that it’s likely to become law?
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