- Jonathan Ernst/Reuters
- President Donald Trump’s new tax plan could go into effect soon.
- There’s been a lot of confusion about how tax reform might affect regular, everyday Americans.
- We put together a number of guides answering all of your questions.
There’s a lot of confusion around the Republican’s new tax plan.
Even the congressmen writing the bills have made some errors.
But as Republicans get closer to passing tax reform, it’s worth shedding some light on how this will affect regular, everyday people.
Business Insider has put together a number of guides explaining the differences between the House and Senate proposals, how tax reform could affect people of various incomes, and how tax brackets might be changing.
To make it easier for readers, we’ve wrapped all of them up below:
How the tax plan could affect taxpayers based on income
We estimated how the proposed changes by the House and Senate would change taxes for people earning different salaries.
- Here’s what Trump’s tax plan means for a single, childless taxpayer making $25,000, $75,000, or $175,000 a year.
- Here’s what Trump’s tax plan means for a family of four making $25,000, $75,000, or $175,000.
- Business Insider’s Lauren Lyons Cole also explains these changes in a short video.
Potential changes to tax brackets
Both the House and Senate have proposed changes to the federal tax brackets. We break it down below.
- How your tax bracket could change under both the House and Senate plans, in two charts.
- How your tax bracket could change under the Senate’s plan, in two charts.
Differences between the House and Senate plans
There are several crucial differences between the two proposals – and they could affect regular people differently.
- Here are the biggest differences between the House and Senate bills.
- Here’s where the House and Senate’s plans will save and cost you the most.
Questions you might be afraid to ask about tax reform
- Here’s when Trump’s new tax plan will actually take effect if it passes.
- Here’s how to figure out exactly how your take-home pay could change under Trump’s new plan.
- The GOP tax plan doesn’t touch your 401(k) – and that’s a huge opportunity to build wealth.
- How the Republican tax cuts would actually be felt by regular Americans.
- Here’s why Senate Republicans are making tax cuts for average Americans temporary.
A closer look at the details in Trump’s tax plan
- 7 ways rich people win big if the House’s tax reform plan passes
- Republicans want Americans to believe that $1,182 is a big tax cut for middle-class families – but that’s not really true.
- Here are the major ways the bill would affect healthcare spending.
- Rich homeowners in blue states are among the biggest losers in the GOP tax plan.
- The official government breakdown of how many Americans would pay more under the plan.
- America’s investing giants have a major problem with the tax plan.
We’ll keep updating this list as more information comes to light. In the mean time, i f you have any questions about taxes or the House and Senate proposals that we have not answered, shoot us an email at firstname.lastname@example.org. No question is too small.