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Reaction to major tax reform bill, what it means for you

Posted at 11:47 PM, Dec 20, 2017
and last updated 2017-12-20 23:47:03-05

Taxpayers everywhere are wondering how the country's new tax reform will affect them.  Tax experts say that's not quite a cut and dry answer.

A crucial part of the bill to keep in mind is that every taxpayer will be affected differently.  Some will barely see a difference, for others it will be much more obvious.

The bottom line is to pay attention to your specific situation and talk to the experts. 

"There will be winners, there will be losers and there will be some where you get a shrug of the shoulders, not a big deal," Richard Friedlander, a partner with Rosen, Sapperstein and Friedlander LLC, told ABC2. 

Many taxpayers say they fall into that category and are on board with the president's action to reform a decades old bill.

"I'm fine with it. It seems like its pretty fair, I haven't read the whole thing but my husband and I have talked about it and we feel like it's pretty good," said taxpayer Colleen Pleiss.

Tax experts say there's a huge change that will affect everyone.

"The overall tax rates have been reduced. Less tax. More take home, my paycheck should be higher."

But that doesn't happen in every case. Some people aren't buying the president's claim that the bill benefits everyone.

"I think I'm in a tax bracket where I'm going to get hit pretty hard my daughter is in college and going to graduate school we have a tuition grant and we're going to lose big time on that were going to have to pay taxes on that grant," said taxpayer Carrie Cammarato.

It could take years to see the effects of the reform and the biggest boost is to big business. 

"I'm trying to view positively the idea that there might be more in the pipeline in terms of what corporations are willing to do here on American soil," taxpayer Paul Latanishen, told ABC2.

And that could boost the economic market.

"There will be more spendable income which again should make the world go around or the economy grow, increase retail spending," said Friedlander.

The tax changes go into effect in 2018.

Although most filers are expected to benefit, how and how much you'll be affected depends on your income, investments, deductions and itemizations. 

Click here to see how the tax bill will affect your paycheck.