Here's what Trump's new tax plan means if you're making $25,000, $75,000, or $175,000 a year [View all]

[mfcorey1]

https://www.msn.com/en-us/money/personalfinance/heres-what-trumps-new-tax-plan-means-if-youre-making-dollar25000-dollar75000-or-dollar175000-a-year/ar-AAsAw3y?li=BBnb7Kx&ocid=mailsignout

president Donald Trump's tax plan is being billed by the White House and Republicans as a boon for the middle class.

The 429-page GOP tax plan, called the "Tax Cuts and Jobs Act" was revealed on Thursday. Under the new plan, tax brackets would be reduced from seven to four, and the standard deduction would be increased.

Exactly how much individuals save will depend on many factors, and as Business Insider's Josh Barro pointed out, tax cuts for average Americans aren't likely to be as sweeping as Republicans make it sound.

Wealthy Americans, including Trump himself, stand to benefit handsomely from the tax proposal, thanks to provisions eliminating the estate tax and the Alternative Minimum Tax (AMT), among others.

Still, as it stands now, take-home pay could increase — albeit slightly — for most Americans under Trump's tax plan.

We were curious how it might change, so we ran some numbers using the current proposal. (Click for full size)