What Does Tax Reform Mean for the Average American?

House Republicans released their new tax plan, dubbed the Tax Cuts and Jobs Act, on Thursday. If you're like most Americans, you're probably wondering how the proposed changes might affect you. Though the plan's proponents intend to lower individual tax burdens and simplify the tax code itself, skeptics have been quick to argue that it favors the wealthy and corporations much more so than the typical household.

So just how will the Tax Cuts and Jobs Act impact the average American? To get a clear snapshot, let's talk about what the typical household looks like today from a tax perspective:

With all of this in mind, let's explore the new bill and how it might impact the average filer.

Source: Fool.com