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William D King: How the new proposed tax law changes could affect you today

William D King

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 or married and make less than $75,000 he says there is a chance your taxes could go up explains William D King.

“They’ve really skewed it to tax cuts for people at the top,” he adds. “Of course they say that’s not true but that’s just because of the way the rules are set up in terms of who actually pays taxes.”

If you own a small business, home office, or work from home for another company Brodeski says the new bill is likely to lower your tax rate. However, he doesn’t think it’ll be that significant of a cut.

Brodeski says one thing he sees is that people are going to have less incentive to give money away because they can no longer deduct charitable donations under this new proposal.”

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, William D King says, if you’re single and make less than $35,000 or married and make less than $75,000 he says there is a chance your taxes could go up. “They’ve really skewed it to tax cuts for people at the top,” he adds. “Of course they say that’s not true but that’s just because of the way the rules are in terms of who actually pays taxes”. If you own a small business, home office, or work from home for another company Brodeski says the new bill is likely to lower your tax rate. However, he doesn’t think it’ll be that significant of a cut. Brodeski says one thing he sees is that people are going to have less incentive to give money away because they can no longer deduct charitable donations under this new proposal.”

The new proposed tax law changes could affect you today because some people’s taxes may go up while others will go down. This is because the legislation aims to simplify and lower taxes for many people while also taking away deductions and credits. Details: “The House bill passed yesterday overhauls our nation’s tax code, writes the Associated Press. The Senate expects 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 or married and make less than $75,000 he says there is a chance your taxes could go up.

“They’ve really skewed it to tax cuts for people at the top,” he adds. “Of course they say that’s not true but that’s just because of the way the rules are in terms of who actually pays taxes.” If you have a small business, home office or work from home for another company Brodeski says the new bill is likely to lower your tax rate.

Conclusion:

The new proposed tax law changes could affect you today because some people’s taxes may go up while others will go down. This is because the legislation aims to simplify and lower taxes for many people while also taking away deductions and credits.