11 Things Taxpayers Need to Know About the Senate's Tax Reform Bill

11 Things Taxpayers Need to Know About the Senate's Tax Reform Bill

The U.S. Senate recently passed its version of the Tax Cuts and Jobs Act, which would make sweeping changes to the U.S. tax code. While the lower corporate tax rate has gotten lots of news coverage, the bill makes many significant tax changes for individuals. With that in mind, here are 11 major changes the Senate tax reform bill would make that could affect you.

Unlike the House of Representatives' version of the Tax Cuts and Jobs Act, which aims to simplify the tax code by consolidating the tax brackets into four, the Senate version would keep the current seven-bracket structure.

Image source: Getty Images.

Continue reading

Source: Fool.com