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How does the new tax bill affect the average American family?
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The new tax bill is projected to have a significant impact on families across the country. It will significantly reduce taxes for many middle-income households, while increasing taxes for higher income households and those with more complex financial situations. Families may see lower overall taxes due to reduced rates or larger deductions, but they could also face higher taxes due to the elimination of certain credits or deductions. Ultimately, families should consult a professional to determine how the changes in the tax code will affect them financially.