The recently passed overhaul of the U.S.  tax code is already affecting the way many companies do business and how that relates to individual tax payers.

People who have studied the new law—which goes into effect starting with the 2018 tax year—say that most of us will pay less in taxes in the next few years, thanks to lower tax rates and higher standard deductions.

But the loss of some prized tax breaks and new caps on others like state and local taxes could result in higher tax bills in April 2019 for some older taxpayers, particularly those living in states with high tax rates. And over time, some of the benefits of the new tax bill will fade away; experts project that a majority of taxpayers will pay more within 10 years.