4 things you might not know about the new tax law

div > div.group > p:first-child"> The majority of Americans are struggling with some basic concepts of the new U.S. tax code, according to a study by online investment company Betterment, which surveyed 1,000 people last month.

What was the biggest misconception following implementation of the Tax Cuts and Jobs Act, the overhaul that passed in December 2017 and went into effect in 2018?Here are four key points Americans might misunderstand about the new tax law.More than 8 of 10 Americans did not know the amount of the standard deduction for single tax filers — it's $12,000 — according to the report.

You're also subject to new curbs on itemized deductions, including a $10,000 cap on state and local tax deductions and a new limit on the write-off for mortgage interest.The new law eliminated the standard $4,050 exemption you can claim for yourself, your spouse and each dependent. Prior to the new law, the seven brackets were: 10 percent, 15 percent, 25 percent, 28 percent, 33 percent, 35 percent and 39.6 percent.

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In northeast Ohio, GM factory workers see layoffs after tax cutsIn the short run, the tax law coupled with federal spending acted as a stimulus, a 'sugar rush,' but there are indicators the economy may slow this year. Gm has been laying off and hiring for decades has nothing to do with tax cuts. Hey fakenews- how bout some Russia collusion apologizing... or is this your diversion tactic. Doesn’t matter anyway- Nobody is watching. Ummm Is this how you Make America great again?
Source: NBCNews - 🏆 10. / 86 Read more »