In a surprising sweep of 227 - 205; the House passed the $1.5 Trillion tax bill on Thursday, November 16th, favoring large corporations and pass through entities. Under the House tax bill, top corporate rates will be reduced to 20 percent from 35 and certain pass-through entities will enjoy a 25% rate.

With it, however, comes a plethora of changes for the everyday taxpayer. Many deductions are wiped away, such as the State and Local Tax Deduction, Personal Exemption and All Other Itemized Deductions. So, all those out of pocket expenses you incur for work are now just a fact of life. Student loan deductions are also completely eliminated The seven tax brackets we currently have are condensed to only four, however, the top rate stays at 39.6%.

The Joint Committee on Taxation predicts that individual taxpayers making under $75,000 will see a rise in average tax rates, due to phase outs and other provisions, by 2027.

For a detailed summary and comparison of the Senate and House bill click here.... NATP's Tax Cuts and Jobs Act Analysis....

.. and so the saga continues.