“The major changes affecting individuals include new tax brackets, (mostly) lower income tax rates, a near-doubling of the standard deduction and the elimination of both personal exemptions as well as many itemized deductions,” Sahadi and Lobosco report. “The new tables are designed not only to best approximate the change in workers’ tax liability under the new law, but to do so in a way that ‘delivers benefits as soon as possible to as many people as possible with as little disruption as possible,’ a senior Treasury official told reporters.”
Sahadi and Lobosco report, “Personal exemptions are a core feature of the current withholding system, but now that they are eliminated, ‘it’s necessary to build a new approach to withholding, which will take some time,’ the senior IRS official said.”
Read more in the full article here.
MacDailyNews Take: Obviously, as a seller of consumer electronics, computer software and online services, more disposable income in people’s pockets is good news for Apple!
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