Yes, it will impact you.
Do all the benefits really go to the top 1 percent, as we’ve read? We’ve modeled the new tax law for many clients and we’re finding that it reduces tax rates for almost everyone. We try not to generalize, so remember that the reality still must take into account myriad individual factors unique to you. You and your neighbor could have exactly the same income and still end up paying wildly different amounts. Some wealthy taxpayers will actually pay a little more under the new rules, especially NJ and NY residents where state and local taxes tend to be higher. More folks at the lower end of the income scale will pay no tax at all.