Winners/losers in the new $1.5 trillion tax bill

President Trump's first major victory in the White House came in the early hours of this morning with the passing of the first major tax overhaul in 30 years.  

The selling point for the $1.5 trillion dollar package was "putting money back into the pockets of the average American". 

Some of the high notes of the new bill include doubling the standard deduction and the child tax credit for middle income families.

Under the new two-parent family with two children making $75,000 would keep $2,000 more a year and a family of four with a combined salary of $150,000 would get twice that.

Most Americans would receive tax cuts initially.

With lowered tax rates across the board until 2025 and businesses would get a permanent break, which Democrats argue just gives millions to the richest corporations. Republicans say giving corporations a break will spur job creation.

The tax bill also removes a penalty that was charged to people without health insurance, under legislation passed during President Obama's time in the White House. That change could affect 13 million people nationwide.

CNN has put together a handy calculator for you to see projections on your savings (and losses) with the new tax plan. 

You can find it HERE. 

Dan & Josie WDRM Mornings

Dan & Josie WDRM Mornings

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