4 things to know about the new U.S. tax law

Under the old tax code, the average family of four (that submitted taxes married-filing-jointly) received a tax break of $16,200 through the personal exemption, one $4,050 exemption for every member of the family.“The idea is that that loss of $4,900 of shieldable income will be offset by the lower brackets,” said Rebecca Walser, a tax attorney at Walser Wealth.Your marginal tax rate is changing, but so are the income levels.