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A massive debate is playing out over legislation that affects the lives of every American: taxes. But are the changes under consideration actually going to make a difference to your bottom line?

As it happens, most people don’t have a mortgage, most people don’t own stocks and, as a rule, most people are unaffected by carve-out exemptions created in response to lobbying for small classes of individuals. The reality is that, outside of the marginal rates that determine how much of your income goes to taxes and the personal exemption you get just for existing, the standard deduction is probably the single part of the tax code that most affects a majority of Americans.

How The GOP Tax Plan Actually Affects Your Wallet

A massive debate is playing out over legislation that affects the lives of every American: taxes. But are the changes under consideration actually going to make…


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