Every time a new tax law is enacted, we naturally wonder what it means for our own tax bill.

The news covers the long debates and close votes in Congress, followed by the president signing the bill into law. The end result of all this back and forth, will they or won’t they, however, is that some rates may change slightly, and some deductions may be added or removed, but very few of us will notice a real difference in what we pay.

If you want to cut your taxes significantly, you need to understand how and why tax laws are drafted. Once you have a handle on the basics of how taxes work, the political changes to the code every few years will not matter as much.

How much in taxes are you paying?

It always surprises me that we do not put much thought into how much we actually pay in taxes,

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