How Will the GOP Tax Bill Affect You

The GOP tax bill that will almost certainly become law this week will hit some taxpayers much harder than others.  Employees (as opposed to businesses and their owners) will be much more adversely affected.  How will the bill affect you?  Use this calculator set up by the New York Times to check.  And remember–even if your taxes go down, health insurance premiums will increase sharply due to the bill’s elimination of the Affordable Care Act’s insurance mandate.  For most middle  class Americans, this increase will likely be considerably more than any tax savings resulting from the bill.  Not only that, but the tax cuts for middle class individual taxpayers will automatically expire in 2023.  If you are a millionaire, you can rest easy, as your tax cuts are permanent.