Following a final House of Representatives vote that took place earlier this afternoon, the tax bill that dominated political news throughout this fall will head to President Donald Trump's desk for his signature. The controversial, sweeping reform package makes changes that affect both corporations and individual taxpayers and has been criticized for its party-line passage - no House or Senate Democrats voted for the final version of the bill - and for a widespread sense that most of the bill's benefits apply to corporations and the very wealthy, and that its provisions could dramatically worsen economic inequality.
For those of us who are not corporations (or plutocrats), there probably is at least some concern as to how the bill might affect our personal tax rates. With that in mind, here are a few preliminary calculators offered by national publications that suggest what could happen to your personal tax bill.
- Will your taxes go up or down in 2018 under the new tax bill? The Washington Post's calculator makes estimates by state, and includes helpful reminders about the limitations of this bill (for example, changes to the individual tax rate revert at the end of tax year 2025).
- Tax bill calculator: Will your taxes go up or down? At The New York Times, an interactive calculator factors in benefits from the child tax credit.
- The Trump tax calculator: Will you pay more or less? Use this calculator at Marketwatch for another guess on how the bill might affect you. It includes factors for the mortgage interest and state and local tax deductions.
In Louisiana, U.S. Sens. Bill Cassidy and John Neely Kennedy and U.S. Reps. Steve Scalise, Clay Higgins, Mike Johnson, Ralph Abraham and Garret Graves all voted for the bill. U.S. Rep. Cedric Richmond voted against it.