Topic of the Day: Countdown to Tax Reform

13 On Your Side wants to know your thoughts:

It’s coming down to the wire to pass the much anticipated Tax Reform bill before the end of the year and avoid a government shut down. But, the bill comes with many changes that has people questioning if this bill will meet the needs of the many or just the needs of the few. Among the changes is eliminating the mandate which penalizes those who do not buy health insurance, the hope is those funds will go to support the tax bill. Tax brackets will also be changed and going from seven to just six. The Senate Bill also doubles the standard deduction; eliminates the personal exemptions and the state and local tax deduction. it keeps the mortgage interest deduction.

Another change in the new bill is teacher deduction’s for those buying their own school supplies and extends the child tax credit and doubling it. Also on the bill are changes to the way the country does business; one change will affect companies that do business overseas. Currently, multinational companies have to pay taxes on every dollar they make, if passed they will only have to pay a one time fee.

13 On Your Side wants to know your thoughts:

What are your thoughts on the new tax reform bill?

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