How will the tax bill affect you?Martin H. Simon – Pool/Getty Images
• US President Donald Trump just signed the GOP’s enormous tax overhaul into law.
• The plan is expected to boost take-home pay for most Americans — but not by much.
• Career site Zippia broke down how the final tax bill could affect take-home pay in 2018 for people in various occupations.
It’s official. US President Donald Trump just signed Republican’s massive tax overhaul into law, Business Insider reported.
Congressional Republicans have portrayed the new plan as a wage-boosting, job-creating boon to the middle class, as well as a means of simplifying the tax system. But the reform has earned harsh criticisms from the public and experts.
Business Insider’s Lauren Lyons Cole reported that while take-home pay is set to rise under the tax reform plan, most Americans won’t see a ton of extra cash in their pockets. But how much you save also depends on how much you currently earn.
Career site Zippia provided Business Insider with data breaking down how different occupations fare under the finalized tax plan. The estimated federal tax savings below are for a single, childless taxpayer who owns a house valued at three times their salary. Zippia’s calculations factored in whether a given taxpayer would benefit most from taking the standard deduction or itemizing deductions.
Following is a look at how people in a number of occupations, from shampooers to financial analysts to surgeons, could see their taxes change next year if the tax plan becomes law.