A layperson’s guide to the federal budget 2018-19

Trump on the Issues

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Trump's Tax Plan and How It Affects You

• CNN calculator - This one asks your annual income range, whether you itemize your tax return, whether you live in a high-tax state, whether you file a joint, single of head-of-household return and whether you claim a child tax credit.
• The New York Times calculator - Eliminates the state question but asks whether you took the standard deduction this year.
• MarketWatch calculator - This one is more specific. It lets you check an exact income amount instead of a range, and it recognizes mortgage interest, charitable contributions and how much you pay in state and local income and property taxes.
• The Washington Post calculator - This one lets you pick your state but allows only two options for filing status: single, or married with two children.

President Trump Has Signed the GOP Tax Bill. Here’s When the Cuts Will Start

The GOP tax bill has passed through Congress, with Republican majorities in both houses carrying the tax reform package to President Donald Trump’s desk, where he has signed it into law. But the legislation that breezed through the House and squeezed through the Senate is complex, so it’s hard to know exactly when tax reform will effect taxpayers across the U.S.

Some of the Republican tax bill’s impact will begin at the start of 2018, though other elements won’t take effect until 2019 and beyond. For instance, when you file your 2017 taxes in April, you’ll already be getting some benefits like lower tax withholding, but other perks won’t show until you file your tax return in April 2019.

Tax brackets change on January 1

With changes to the tax rates, the GOP tax bill brings tax cuts to almost all of the seven tax brackets beginning in 2018. That means the current rates, from 10% for the lowest bracket to 39.6% for the highest earners, will change and look like this:

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