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PEOPLE IN WEST MICHIGAN COULD SEE TAX BREAK FROM NATIONAL REFORM

by David Bailey | Dec 05, 2017   ()

Generally, it appears a majority of taxpayers will get a tax cut if Congress comes together on a plan to send to President Donald Trump by the end of the year.

The Joint Commission on Taxation (JCT) found that 62 percent of Americans would get a tax cut in 2019 and the rest would pay the same or would have their taxes raised.

For those making $50,000 to $75,000 in 2023, the JCT indicated 36% would get a tax break of $500 or more and another 19% would get a break of $100-$500. But 19% would pay about the same as they do now, 11% would pay $100-$500 more, and 15% would pay an extra $500 or more.

There are plenty of questions still remaining about what a potential tax cut will look like.

CPA Phillip Mitchell, President of Kroon & Mitchell in Grand Rapids, says our area comes out a little better than others because there's less impact with what's being taken away in deductions.

He also says taxes should be simpler.

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Source: WZZM
Source: WZZM

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