William D King: A look at the pros and cons of the proposed tax law changes
President Trump and congressional Republicans have unveiled a tax reform plan that is estimated to cost $1.5 trillion over the next ten years, with no major changes as of yet says, William D King. The President had originally wanted Congress to pass the bill before Thanksgiving, but the release date has been moved back as they resolve differences between House and Senate proposals. The current proposal would change some deductions and may increase taxes on those making $24,000 or less for single filers and $48,000 or less for families (excluding payroll taxes). It will lower both individual and corporate tax rates, double standard deductions (which is good for the middle class), and increase the size of child tax credit (a perk for many parents). Pros: The bill will simplify the tax code by reducing the number of existing tax brackets from seven to four and nearly doubling the standard deductions; those who make less than $24,000 for single filers and less than $48,000 for married filing jointly (excluding payroll taxes) wouldn’t pay any income… Read More »William D King: A look at the pros and cons of the proposed tax law changes