By Cherri Gregg

PHILADELPHIA (CBS) — The Republican tax reform law went into effect this week. So what will it mean for tax payers going forward?

The Tax Cut and Jobs Act overhauls to the US tax Code, cutting corporate taxes rate from 35 percent to 21 percent, cuts income tax rates, doubles the standard deduction, and eliminates personal exemptions.

As for immediate change:

“People will see that when they see withdrawals from their paychecks,” said tax attorney Nikki Johnson-Huston.

She joins Temple economics professor Douglas Webber and nonprofit CEO Otis Bullock to discuss the impact of the law on families, businesses, charities, and more on Flashpoint.

“Winners right now are big corporations, to the lesser extent, small businesses,” said Webber.

“I think it’s bad for nonprofits like mine, but I think it’s also bad for middle class donors,” said Bullock.

Find out what tax payers could see next year, and hear about a New Jersey drug dealer turned million dollar business owner pardoned by Governor Chris Christie, Saturday night at 9:30 and Sunday morning at 8:30 on Flashpoint.

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