Trump’s new tax plan is a mish-mosh of rumors and reality. Much of the change isn’t seen in the amount of money that the average American would be paying in taxes. The only change that could be seen on the taxes before any deductions would be if you are in one of the top brackets - the percents changed in the top bracket.
However, the caps on a lot of deductions have been made higher. Anyone with children, a home mortgage, or other deduction-eligible items should take a look into these changes and see what the new caps are.
However, the newest pieces of his tax plan are most likely going to wait until 2019. These include a ten percent cut to taxes on the middle class and other tax cuts that haven’t gotten through Senate yet. That is only guaranteed if the Republicans are still majority after November.
Trump's new tax plan is said to be the biggest overhaul for 30 years or more. It was hailed as something to make life easier for the hard-working middle class but in fact removes personal exemptions and doubles the single and couple standard contribution. It cuts corporate tax from 35% to 21% this year, while the top individual tax rate drops to 37%, and this would appear to benefit the very rich.
It was passed in December 2017, but not without challenge. Trump stated that the corporate tax cut would boost the job market and encourage investment into America. In the first quarter, the cut has put $30million into the pockets of companies but it's debatable whether the promised investment and job creation will follow. It hasn't so far.
