Only 18 percent of Americans could answer this straightforward tax question via CNBCMakeIt
The Tax Cuts and Jobs Act made some sweeping tax law changes when it passed in December 2017. But many Americans are unclear on how those changes could affect them.
To take a deeper look into what's confusing Americans, financial website GOBankingRates created a four-question quiz that covers key parts of the law — and 77 percent of the 501 respondents who took it failed, which means they got fewer than half of the questions correct. Less than a quarter of respondents could correctly answer this key question about the standard deduction.This is a critical part of the new tax law because the rules around deductions are substantially different than they were last year and could mean significant changes to your tax bill.
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