How will the new tax reform affect me?

Yep, that is the question I have been thinking about for the past few days,  and that is probably in everyone's mind. 

How will the new tax bill impact my income?  Will I pay more taxes or will I pay less?  How can I maximize the deductions and get more refund?

Using the example of an individual making $55,000 in my previous post and utilizing the tax plan calculator by Maxim Lott, lets see how the new tax reform impacts income.

Great news!!!, that person would save $1,342.  The federal tax bill will go down from $6741 to $5400.

Its a fairly simple calculator that provides a quick answer. All you have to do is -- plug in your annual income, state, filing status, type of deduction (standard or itemized) and the number of  kids. 

See a snapshot below. 

If you plug in the same income and variables in  CNN calculator, it shows how the after tax income  changes over the 8 year time frame (remember that new tax reform is for 8 years only) .

The NY Times calculator  shows how the bill would impact income of 220,000 real households.

What do you think? Have you already started thinking of where to put the extra money?