News That Matters

Tag: wallet

Here's what the Senate's tax bill means for your wallet

Here's what the Senate's tax bill means for your wallet

Finance
Households can expect to save an average of $ 1,200 in 2019 thanks to the Senate's proposed overhaul, but the largest tax cuts will go to the highest income earners.Those are the findings of the Tax Policy Center's new analysis of the "Tax Cuts and Jobs Act."In 2019, households across the board will save on taxes under the Senate's version of the bill. Those in the lowest quintile, with incomes below $ 25,000, would get an average tax cut of $ 40, while middle-income households earning between $ 50,000 and $ 87,000 would get an average tax cut of about $ 800, according to the Tax Policy Center.For the top 1 percent of households — those whose income exceeds $ 750,000 — taxes would fall by an average of $ 28,000, the Tax Policy Center found."On average, there's a slight tax cut in the earl