Although the Tax Cuts and Jobs Act was passed in December of 2017, this is the first tax filing season where the impacts of the new law can be seen on tax forms.
The Tax Cuts and Jobs Act resulted in sweeping changes to the tax code. Measures in the law include lower tax rates and expanded tax brackets for anyone who pays income taxes, higher standard deductions and a child tax credit that’s double the size it was previously.
As a result, a majority of Americans will have paid significantly less in taxes in 2018.
However, it’s important to note that people won’t necessarily see a significant change in their refund when they file their taxes in April. That’s because the law wasn’t designed to create an annual bonus from Uncle Sam. Instead, it was intended to ensure Americans keep more of their money upfront—expanding wallets every pay cycle, rather than just once a year.
The Tax Cuts and Jobs Act has benefited millions of Americans in 2018. You just have to know where to look in order to see it.
Thank you members of Congress who voted for the bill and the Administration for delivering the promise of tax relief to hard-working Americans and entrepreneurs.