William D King

Proposed tax law changes: Most of the proposed changes to the tax law have been pulled from the table for this year. However, there is a real threat that these changes will be back next year or soon after. William D King says the only way that we can stop them is if we first understand what they are and then work together to ensure our elected officials know how much we oppose them. The truth about the proposed tax law changes that no one is talking about: Almost every American family will be negatively impacted by at least one provision in either the House or Senate Tax Bill. Most families would see little benefit from such changes as an average $50,000-$75,000 per year household would receive around $150 – $300 extra dollars per month ($1,800 – $3,600 per year). As currently proposed taxes rates would be lowered for most Americans and middle class families could see a substantial increase in their standard deduction. But this data masks greater long term ramifications as the personal… Read More »William D King: The truth about the proposed tax law changes that no one is talking about

There is an ongoing debate about whether or not the new tax proposals will help or hurt us. Some points are made that it would increase the debt, and some think it will be good for them. The main problem many people see with our current proposal for this bill is the idea of reducing taxes across the board says, William D King. According to the bipartisan policy center, “People who advocate for this type of system claim that cutting taxes stimulates economic growth by putting more money into consumers’ pockets.” Discussion: When you first look at this bill, some parts may sound great! Money in your pocket sounds nice, right? There are some parts, however, that do not paint such a pretty picture. The first thing I want to mention is on page 12 where it says that the tax bill will add $1.5 trillion to the budget deficit over 10 years, according to nonpartisan congressional researchers. This is concerning because we already have a large debt and we are adding more on top… Read More »William D King: The truth about if these new proposed tax law changes are a good idea

The new income tax bill that was passed in the House Ways and Means Committee this past week is raising serious questions about tax fairness says, William D King. What problems does it entail? How does it compare to the status quo? Let’s take a look at some of the biggest issues with the bill, so you can decide for yourself whether or not this bill is really worth passing. Summary: The article describes what changes are in the new income-tax bill that will be proposed, and then discusses which problems these changes result in. It also compares how things are currently done under “status-quo” taxes. Let’s dig into some of the details Issue 1: Income Tax Rates Are Too High Regardless of marital status; make more than $500,000 a year and you’ll have to pay 24 percent. This rate applies in the top tax bracket, even if that income is being produced by working 10 hours a week at two different jobs. If this income were coming from just one full-time job, the worker… Read More »William D King: Not sure what to think about the new income-tax bill? Here’s an analysis of it

The proposed bill that will change income tax rates in Turkey… The new draft law will change the threshold for applying tax rates and principles of exemption but hasn’t gotten clear whether it changes the tax rates or when they are scheduled to take effect. According to an analysis by economists, however, Turkish citizens can expect higher taxes in 2025 says, William D King. With the initiatives are taken by the Treasury and Finance Ministry to introduce a new income-tax bill, Turkey is set to increase its annual budget revenue by at least $2 billion (TL 4.5 billion), according to economic observers who say taxpayers could be hit by nine years’ time due to high inflation rates. “It is not possible for people earning minimum wage today [to pay taxes] under this new system as they won’t be able to afford it,” said Umit Akar, the head of research department at Ekspres Invest, an investment advisory firm. The Treasury and Finance Ministry prepared a revised draft income-tax bill and announced that its provisions will take… Read More »William D King: New proposed income-tax bill to hit you in…2025? What?

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