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CHART: How The Republican 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.

By  Danielle Kurtzleben  and Scott Horsley
   

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Updated on Dec. 4 at 1:20 p.m. ET

Now that the Senate has passed its own version of a tax overhaul, lawmakers will work to iron out differences with the House version. The resulting legislation could then be sent to President Trump for his signature.

There are a number of key differences between the House and Senate tax bills. For example, the individual tax cuts in the Senate version expire after 2025. In the House bill, they don’t. The two measures also differ in their treatment of certain small businesses, the mortgage interest deduction, tax brackets and the estate tax.

Here’s a look at some of the changes that individual filers could expect if either the House or Senate versions is included in the final bill.

The bar chart below shows what current tax brackets brackets look like, compared with the House GOP’s proposed brackets. We will update it as we get more information. The table also lays out different changes for different types of taxpayers. We will update that table as well, as new information is released.

Note: This chart was last updated on Nov. 15. Source: Tax Foundation, U.S. House Committee on Ways and Means, Joint Committee on Taxation. Credit: Alyson Hurt and Danielle Kurtzleben/NPR.

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