The Tax Bill..."Massive" Tax Cuts

The House of Representatives passed the once-in-a-lifetime tax reform bill today and it looks like the Senate will by tomorrow. The numbers are finalized, so I was able to apply the new brackets and rates to my own situation. We're at about 80% of US Median Income, so we're not outliers high or low. After plugging in the new rates to our 2016 income figures I calculate that I will see a lower tax bill and a "raise", i.e. more after tax income. My tax bill would have been $652 less, increasing my after tax income by 1.4%. Don't get me wrong, I can certainly use an extra $652, but viewed another way, it's less than $13 a week. Hardly the "massive" cut, or the $4000/year "raise" that Sarah Sanders suggested that I might see.