Taxpayers will be paying an extra $500 in taxes under the new tax law, which is expected to save taxpayers as much as $100 billion over the next decade.
But that’s just a fraction of the $1 trillion savings the Trump administration is promising.
Here are the big takeaways: The Tax Cuts and Jobs Act is expected in the coming days, but it’s not a slam dunk yet.
Here’s what you need to know now.
Taxpayers are expected to fork over an extra 1.3 trillion dollars in taxes over the coming decade.
They’ll be paying about $1,200 per person for the first time.
Taxpayer contributions to the bill will drop as expected, as the GOP wants to increase the tax cut to $1.9 trillion over the course of the next 10 years.
But the amount of revenue that comes out of that tax cut will remain relatively flat for the next ten years, even as taxes will rise, the nonpartisan Tax Policy Center reported.
That’s because the tax bill does not include any new revenue, meaning the overall tax bill will be about the same.
That leaves the White House scrambling to find a way to raise additional money to pay for tax cuts.
If the bill passes Congress, that money could come from a variety of sources, including raising the corporate tax rate to 20 percent or increasing the child tax credit.
But it’s unclear what that money would look like or how it would be spent.
The Trump administration has said that a $1 million tax cut for the top 1 percent of earners would raise $6.6 trillion.
But a look at the actual data shows that the bill is really only expected to bring in $5.6 billion to $6 trillion of additional revenue, according to the Tax Policy Council.
The Tax Foundation says the tax cuts will generate $1 billion more in additional tax revenue for the economy than they would have otherwise, though it will not be enough to offset the loss of revenue.
But there are some caveats to that.
In the end, the Trump tax plan could be as big as $2.8 trillion.
President Trump’s proposed $1 per person tax cut would only pay for part of the tax plan.
Here is a look: Trump says the plan will bring in nearly $1 in additional revenue over the 10-year period.
But if the bill goes through, it will still leave the federal government with $3.2 trillion in debt and a $4.5 trillion deficit.
That deficit is expected over the entire 10-years.
The $1 tax cut is supposed to bring back $2 trillion of lost revenue, or about $4,800 per person, the Tax Foundation said.
That $1 bill will only bring in a small slice of the revenue needed to pay off the debt.
If Congress does not pass the tax reform plan, it is expected that the rest of the money would be used to cut spending and cut taxes for middle-class Americans.
The nonpartisan Tax Foundation estimated that the tax break would raise as much revenue as $1 for every $1 of tax revenue that it raises.
That means that the plan would raise roughly $3,800 for every one-dollar increase in taxes.
That amount will only come out if the Trump proposal is adopted by Congress, meaning that there will be no net gain for middle class Americans.
What to watch for in the tax overhaul: President Donald Trump’s tax overhaul has been a lightning rod of controversy.
While the GOP-led Congress has passed a lot of bills in recent years, it has not passed a major tax overhaul, which was one of the goals of the president.
The president has vowed to repeal the Affordable Care Act, and Republicans have said they will not allow the tax code to be rewritten to make it more complicated or less fair.
There is a possibility that Trump could pass a tax overhaul with the help of Republicans, though the chances of that happening appear slim.
If the tax-reform plan does pass Congress, there is a chance that the president could enact another big tax cut later this year, though that would likely require a large tax cut in order to get through Congress.
The Trump administration said it is still studying the legislation and hopes to have a final tax bill before the end of the year.
Democrats, however, have criticized the tax legislation for being too progressive, saying it could hurt middle-income families and that the legislation does not provide enough relief to the middle class.
Republicans have also said that the new bill would not benefit the wealthy.
Some conservatives have also expressed concern that the GOP plan is too much like the Bush tax cuts, which were enacted in 2001, 2002 and 2003.
This article has been updated to include comments from the Tax Council.