Beltway Confidential

This Tax Day, you’re paying more taxes than you think

By Adam Brandon

Published April 17, 2018 3:06pm ET

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This Tax Day, you’re paying more taxes than you think — The tax deadline does typically fall on April 15 but thatâs a Sunday this year and Monday is Emancipation Day, a Washington D.C. holiday. That means that taxpayers nationwide get a little breathing room and have until Tuesday, April 17, to get the job done. | (AP Photo/Rogelio V. Solis)

I hate to burst your bubble, but you will pay more in taxes next year than you think.

On the surface, you wouldn’t think so. The historic tax reforms took effect on Jan. 1, 2018, which lowered the average effective tax rate in almost every income group. When Americans file their taxes next year, they will enjoy a standard deduction nearly double in size, potentially saving thousands of dollars in take-home money.

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