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CHART: How The Tax Overhaul Would Affect You

If you itemize, a new, higher standard deduction might make doing your taxes easier. If you run a “pass through” business, your life might be about to get more complicated.

SHARE CHART: How The Tax Overhaul Would Affect You
Tax Chart

Source: Tax Foundation, U.S. House Committee on Ways and Means. Credit: Alyson Hurt and Danielle Kurtzleben/NPR.

House Republicans have put forward their first stab at a tax overhaul bill, and while some parts have been long-promised — fewer brackets, a steep corporate tax cut — there were a few surprises, like the fact that the new bill doesn’t touch 401(k) savings rules.

Here’s a look at some of the changes that individual filers could expect if this bill were to pass, as-is. The bar chart shows what current brackets look like, compared with the GOP’s proposed brackets, and the table lays out different changes for different types of taxpayers. We will update the table as new versions of the bill come out.

Source: Tax Foundation, U.S. House Committee on Ways and Means. Credit: Alyson Hurt and Danielle Kurtzleben/NPR.

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