Tax reform could have major implications for your wallet. Here's how

What's in the GOP proposed tax plan
What's in the GOP proposed tax plan

What a week it was.

Obamacare open enrollment started, the House Republicans finally unveiled their tax overhaul and we got an update on the labor market. And all of this could have a direct impact on your wallet.

The news came fast and furious, but we're here to break it all down for you.


Don't have time to sort through the 429-page tax bill? That's what we're here for.

CNN's Jeanne Sahadi dove into the Republican's proposed overhaul to find out what it could mean for you.

Here's a breakdown of what's included:

--The number of federal income tax brackets would be reduced to four from seven.

--The standard deduction would almost double. For single filers it would jump to $12,000 from the current $6,350 and for married couples it would increase to $24,000 from $12,700. The increase would likely lead to fewer taxpayers itemizing their deductions.

--State and local tax deductions would be a thing of the past, but you would still be able to deduct property taxes up to $10,000.

--The mortgage deduction would be reduced: Homeowners would only be able to deduct mortgage debt up to $500,000. That's down from $1 million today.

--A new family-related credit was created at $300 each for parents and non-child dependents, and the child tax credit would expand to $1,600 from $1,000 today.

--The student loan interest tax deduction would be eliminated.

--The Alternative Minimum Tax, which was originally intended to ensure the richest tax filers pay at least some tax by disallowing many tax breaks, would be gone.

For a quick look at the potential winners and losers of the massive reform, click here.

Keep in mind that the proposal still has a ways to go before becoming law.


obamacare website

The Obamacare exchanges are open for business, and if you're shopping for health care coverage, expect some changes.

There's been some price changes: some plans are expensive, while others got cheaper. There's also a new expanded bronze plan. Here are five big changes you need to know.

If you are afraid of the sticker shock that can come with health insurance, you might be able to breathe a sigh of relief. More consumers will be able to sign up for policies that will cost nothing each month. CNN's Tami Luhby explains how and why.

One important note: The enrollment period is shorter this year, so if you need coverage, don't dawdle!


Here's the good news: The economy gained 261,000 jobs in October and the unemployment rate fell to 4.1% -- that's the lowest rate since December 2000. (Read more about the labor market's health here.)

Now the not-so-good news: Paychecks aren't getting bigger.

The same report showed wages rose 2.4% over the past 12 months. That's down from September when wages increased 2.9%. Generally speaking, a healthy economy tends to have around 3%-5% growth.

Speaking of wages ... we got another reminder last week that the gender pay gap is still a problem. In fact, it may be getting worse. Read more about it here. If want to personally help bring about pay parity, there are a growing number of ways to invest in gender equality.


housing prices peak denver co

It's not easy being a first-time home buyer.

Tight housing supply has pushed up home prices and created stiff competition. It's particularly tough for house hunters in Colorado. Here's a look at how the state became one of the least affordable places to live in the U.S.

Buyers looking to find their dream home need to have a good grasp of their finances -- and part of that is knowing your credit score. Alexa is looking to help you out with that.


Sexual harassment has become one of the biggest topics of 2018. But it can be hard to talk about. CNNMoney's Julia Carpenter rolled out a series of stories that explored sexual harassment in the workplace.

She looked at what's considered acceptable when it comes to touching in the workplace, the importance of talking about it, and the decision to name the harasser, among other topics.

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