The new proposed tax law changes: The new proposed tax law changes could affect you today because the legislation aims to simplify and lower taxes for many people says, William D King. Details: “The House bill passed yesterday overhauls our nation’s tax code, writes the Associated Press. The Senate is expected to pass their version of the bill later this week, paving the way for President Trump to sign it into law by Christmas.”… “Even with a steep reduction in rates, both bills also take away deductions and credits, so your overall tax bill should go down,” says Brent Brodeski a financial advisor from Savant Capital Management in Brookfield. “But because they’ve taken away some popular deductions such as interest paid on student loans and state income taxes paid, that will have an effect on some people.” Brodeski explains if you’re single and make between $24,000 and $90,000 or married and make more than $150,000 it’s likely your taxes will go down under the new proposal. However, if you’re single and make less than $35,000… Read More »William D King: How the new proposed tax law changes could affect you today
All of us, Americans included, are still trying to get over the shock of the election results. The new administration has appointed many billionaires and wealthy businessmen to cabinet positions explains, William D King. When considering people like Betsy DeVos who is very involved with education policy in this country it is no wonder that major changes will be coming soon to our educational system through deregulation efforts. Few know what’s happening on Capitol Hill but there are some big things happening behind the scenes for all taxpayers in America. There has been proposed legislation introduced at both houses of Congress meant specifically for tax reform under the guise of helping small businesses which seem more like an attempt to further benefit corporate interests than anything else at this point. There is also another bill being discussed in the House of Representatives right now called the “American Innovation Act” which is being pushed through by mostly Republican members of Congress. As per William D King, the premise here seems to be that small businesses are… Read More »William D King: A review of the new proposed tax law changes and why they matter for all Americans
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
There are a lot of talks these days about taxes says, William D King. President Donald Trump and the Republicans in Congress have vowed to cut taxes, simplifying the tax code and making it easier on businesses and individuals. Whether this push will culminate in changes to the nation’s tax laws remains to be seen. But there is one proposal that has been put forward: The Tax Cuts and Jobs Act (H.R.1), which was unveiled by House Republicans earlier this month. This plan would simplify the tax law significantly. Reduce income tax rates for most Americans, double standard deductions, limit itemized deductions (except those for mortgage interest and charitable contributions), repeal personal exemptions. Repeal head of household status ($1,300 per year savings), repeal the Alternative Minimum Tax, repeal Obamacare’s 3.8 percent surtax on net investment income. Reduce the number of tax brackets from seven to four (12%, 25%, 35%, and 39.6%). Increase the standard deduction to $24,000 for married couples filing jointly ($12,000 for single filers), up from $12,700 this year), and also eliminate nearly… Read More »William D King: A look at the proposed income-tax bill, what it does, and how it could affect you
The new income-tax bill introduced by the Congress government provides several reliefs to taxpayers says William D King. At the same time, there is some more stringent enforcement of tax laws on undisclosed incomes and spending patterns. Here is a quick look at how this Bill will affect you and your family… The new Income Tax Bill has been hailed as one that will be beneficial to taxpayers of all classes, with special attention given to lower-income groups. Among its key features are: Switching of Income Slabs – The existing income of Rs 2 lakh per annum is now proposed for those earning between Rs 2 lakh and Rs 5 lakh instead of the earlier limit of Rs 3 lakh. This appears favorable for many first-time salaried employees who were earlier outside the tax net. Exemptions to Senior Citizens – People above 60 years of age are proposed to be exempt from paying income taxes. If their annual income is Rs 4 lakh or less. The proposal also has a higher exemption limit of Rs… Read More »William D King: A look at how the proposed income-tax bill will affect you and your family
President Obama on December 17. The bill is made up of two pieces of legislation. First, the temporary extension of the Bush-era income tax rates for two years along with other temporary provisions to make this extension revenue-neutral says William D King. It permanently extends the increased Child Tax Credit, Earned Income Tax Credit (EITC), American Opportunity Tax Credit (AOTC), and other long-time tax credits that were included in 2009 stimulus legislation signed into law by former President George W. Bush. Who benefits from it? Most people will not be affected by this bill either way since they are already paying the rate that would have ended at the end of the year. This bill mostly affects those who earn over $200,000 a year as they will now see a slightly higher tax rate. Who gets hurt from it? For those who would have benefited from the lower income tax rates that were set to expire at the end of 2010, this bill is bad news as those people stand to pay more taxes in… Read More »William D King: A guide on who will benefit from the new income-tax bill and who will be hurt
The framework for the nearly $2 trillion social and climate spending bill released by the White House makes it very clear that more than half of the finance would be available from the tax reforms covering wealthy citizens of the US says, William D King. Funds would be made available by imposing a tax surcharge on the high-income group earning higher than $10 million per annum, levying higher taxes on high-income business owners, and strengthening tax enforcement by IRS. The proposals targeting wealthy individuals will contribute about $1 trillion of almost $2 trillion revenue target under the Build Back Better Act. A significant chunk to come from personal finance confirms William D King During his speech, President Biden made it clear that his intention is not to punish the high earners but to make them pay their fair share. To support his claim that the new tax proposals were meant only to mop up funds from the high-income group, Biden confirmed that households with annual income not exceeding $400,000 need not pay a single penny extra for… Read More »William D King Explains the Modality of Taxing the Super-Rich as Envisaged in the New Tax Proposals
In case of a major automobile accident, your first priority should be to retain the services of an experienced attorney says, William D King. Regardless of your involvement in the accident, you require the services of an experienced attorney to defend you in claims and assist you with all of the essential responsibilities. If you find yourself in a similar scenario, you should contact an auto accident attorney in your area for assistance. In order to avoid making a crucial decision in a rush, you should consult with a lawyer you are familiar with and ask him or her some questions. Listed below are some of the concerns that you must ask yourself before hiring an auto accident attorney: 1. Do they possess the necessary knowledge and experience? You must ask your attorney whether or not they have had the necessary knowledge to deal with your particular issue, among the first things to consider. The reason for this is that there may be times in which the attorney will refer you to another lawyer instead… Read More »William D King – What to Consider When You Are Hiring a Car Accident Lawyer?
It makes no logic to be obligated to compensate you for the losses you have suffered due to the negligence of another says, William D King. The entire concept doesn’t make any sense at all. An accountable and liable party should indeed be held accountable for their acts if they have suffered physical or psychological harm as a result of their carelessness. A legal representative can take care of this for you. Such attorneys are well-versed in dealing with matters in which the victim has been hurt in an accident while using a company and its products or at his or her place of employment, among other things. But just how do you go about choosing a lawyer? How can you determine whether or not a certain lawyer is qualified to handle your case? Because there are so many attorneys who handle personal injury claims, it might be difficult to pinpoint someone that is experienced and knowledgeable in the circumstances like yours. The following are some methods in which you might evaluate the abilities of… Read More »Tips For Picking the Best Personal Injury Lawyer shared by William D King
Personal injury situations (such as auto accidents, slip-and-fall instances, animal bites, and so on) can cause significant bodily and psychological damage says, William D King. Furthermore, if the resulting lawsuit involves a significant sum of money, it may take a very long time to reach a resolution before it finally resolves. In each and every personal injury claim, irrespective of how you have been injured, the magnitude to which you were hurt, and whether or not your case winds up in the courts, it is always crucial to understand how to manage the situation properly from start to finish. Maintain complete and accurate records It is critical to be able to substantiate your claims in order to increase your chances of obtaining a favorable outcome in your personal injury litigation. You may normally anticipate that you and possibly expert witnesses will be call to testify. But you will also require substantial evidence to support your claims and demonstrate your losses. Keep any records relevant to the incident, including any police reports, if any, and any… Read More »William D King Highlights – What to Consider Before Filing a Personal Injury Claim?