 TITLE: How the New Tax Law May Affect You CONTENT: What's in the Tax Reform Bill?\n------------------------------\nThe Tax Cut and Jobs Act, passed at the end of 2017, was a major overhaul of the tax code. It took away personal exemptions and increased the standard deduction, while also increasing the child tax credit and adding other breaks.\nSome of the implemented changes are bigger or more meaningful than others. Here's how the biggest changes could impact your return.\n### Income Tax Rates\nIncome tax is how the government makes most of its money. How much you pay in taxes comes down to the updated rates. The federal income tax rate will now be:\n**Marginal Rate**\n**Individual with Taxable Income Over**\n**Filing Jointly with Taxable Income Over**\n10%\n$0\n$0\n12%\n$9,525\n$19,050\n22%\n$38,700\n$77,400\n24%\n$82,500\n$165,000\n32%\n$157,500\n$315,000\n35%\n$200,000\n$400,000\n37%\n$500,000\n$600,000\n### Alternative Minimum Tax\nThe Alternative Minimum Tax, or AMT, was created in the 1960s to make sure high-income earners paid enough in taxes. With the AMT, higher earners have to calculate their tax liability twice: once under the regular tax rate and once under the AMT, then pay whichever is more.\nUnder the new law, the AMT exemption increased to $109,400 for joint filers, $54,700 for married couples filing jointly and $70,300 for other individual taxpayers. That exemption is the amount you can deduct before calculating your AMT liability.\nThe law also increased the phase-out of the exemption from $160,900 to $1 million for joint filers. The IRS estimates AMT filings will go from 10 million households to 1 million, according to the Tax Foundation.\n### Capital Gains Rates\nLong-term capital gains used to be calculated by income tax brackets, but the tax law got rid of that setup. Now the brackets look like this:\n**Rate**\n**Single Filers with Gains Over**\n**Joint Filers with Gains Over**\n0%\n$0\n$0\n15%\n$38,600\n$77,200\n20%\n$425,800\n$479,000\n### Child Tax Credit\nFor 2018, the child tax credit doubles from $1,000 to $2,000 per child 17 years of age and younger. The refundable portion, which is what you would receive if you were getting a refund, is $1,400.\nAlso, the phase-out income level increased from $110,000 for married couples filing jointly to $400,000, allowing more families to claim the credit.\n### Personal Exemptions\nBefore the new tax law, filers could claim an exemption for themselves, their spouses and dependents. With the Tax Cuts and Jobs Act, there are no more personal exemptions.\nInstead, the new law expanded the child tax credit and the standard deduction.\n### Miscellaneous Expenses\nIf you've ever moved, you were able to claim moving expenses as a deduction on your taxes. But the new law has removed moving-related expenses.\nJob-related expenses, such as uniforms, traveling for work and business-related meals, are no longer allowed to be written off either. Before, you could itemize these deductions on your tax return. END