American taxpayers are about to see the effects of the most far-reaching overhaul of the tax system in more than three decades. It became law in December 2017, but the first real accounting will show up now as taxpayers are filing the first individual returns under the new system. The plan cuts individual tax rates, expands the standard deduction, boosts the child tax credit and trims or eliminates some tax breaks.
About two-thirds of households will see tax cuts and about 6% will pay more, according to the Tax Policy Center, a Washington group run by a former Obama administration official. Whether you get a bigger refund than usual depends on changes to your paycheck withholding and estimated-tax payments in 2018.
What does it mean for you? Using a simplified version of the Penn Wharton Budget Model, which analyzes the impact of the biggest factors in the law, you can estimate your tax liability for 2018 through 2027.
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