9 Things You Need to Know About the Republican Tax Overhaul

By Samuel Smith, Deputy Managing Editor FacebookTwitter
Copies of tax legislation are seen during a markup on the 'Tax Cuts and Jobs Act' on Capitol Hill in Washington,D.C. on December 18, 2017.
Copies of tax legislation are seen during a markup on the "Tax Cuts and Jobs Act" on Capitol Hill in Washington,D.C. on December 18, 2017. | (Photo: Reuters / Aaron Bernstein)

7. Most Americans to pay less in taxes next year

As The Washington Post's "The Daily 202" notes, the nonpartisan Tax Policy Center's analysis of the final bill finds that a strong majority of Americans, eight in 10, will pay less in federal taxes next year.

The analysis explains that roughly 80 percent of Americans will pay lower taxes next year with an average rate decrease of about $2,100.

Meanwhile, about 5 percent will face an average tax increase of about $2,800.

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For an estimate of the changes to your taxes, see a tax plan calculator here or here. 

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