Now that the tax bill is on the brink of becoming law, most people just want to know what does it mean for you and your family?
“We still have seven tax brackets,” said Daniel Gropper, the dean of the College of Business at Florida Atlantic University.
He says while the biggest benefit is on the business side. However, there are still benefits you and your family can expect to see.
“They did increase the standard deduction which will benefit almost everybody," he said.
But will you pay less in taxes under this new tax code?
According to a Washington Post calculator:
A Florida family with 2 kids, making about 75 thousand dollars a year, and taking the standard deduction, will save just over $2,000 in taxes.
“They should have more take home income in the coming year than they had last year,” said Gropper.
The benefits for individuals are not permanent. They would expire in 2025.