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While Congress irons out the differences between the tax bills proposed by the House and Senate, taxpayers have been living in limbo, and putting year-end tax planning on hold.

To see how the tax bills that passed each chamber would affect Americans across a range of incomes and circumstances, Bloomberg turned to Tim Steffen, director of advanced planning at Baird Private Wealth Management.

(Related: 4 Year-End Tax Tips as Overhaul Looms)

Steffen provided eight scenarios, from a Manhattan homeowner with a $2 million salary to a renter in Milwaukee making $40,000.

Most taxpayers would do better under the Senate bill, the results show — but that’s for the first year. Keep in mind that GOP senators crafted their individual tax changes to expire in 2026. Most of the House bill’s individual tax changes are intended as permanent — except for a $300 tax credit for qualifying individuals that would expire after 2022. But the Senate’s tough budget rules mean that its “sunset” provisions are more likely to become law.

safe investments: Mayne Pharma Group Limited (MAYNF)

Advisors’ Opinion:


    We believe that two main risks currently exist. First, a few days ago, U.S. Department of Justice filed charges in generic drug price-fixing probe. The U.S. Department of Justice accused two former generic pharmaceutical executives of colluding with other generic manufacturers to fix prices – the first criminal charges stemming from a two-year investigation. Companies in the congressional probe have since publicly disclosed that they have received subpoenas, including Mylan NV (NASDAQ:MYL), Allergan (NYSE:AGN), which later sold its generics business to Teva (NASDAQ:TEVA), Lannett (NYSEMKT:LCI), Impax Laboratories (NASDAQ:IPXL), Endo International (NASDAQ

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