Breaking Down Donald Trump's Tax Plan

The Senate has passed President Trump's tax bill called the Tax Cuts and Jobs Act and if the bill were to pass then take-home pay could increase for most Americans. Here is how single, childless taxpayers at different income levels who claim the standard deduction might save if tax reform becomes law. One at a $25,000 household income would have an estimated annual tax savings of $369. One at a $75,000 household income would have an estimated annual tax savings of $2,129.