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In 2017, the Tax Cuts and Jobs Act, a $1.5 trillion tax reform plan was signed into law. The bill was the most significant overhaul of America’s tax system in decades. Due to these changes in legislation, the MICPA created this set of resources to help practitioners navigate the differences. Check back often for additional updates. 
  

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PEOPLE IN WEST MICHIGAN COULD SEE TAX BREAK FROM NATIONAL REFORM

by David Bailey | Dec 05, 2017
Most people in West Michigan will likely pay less in taxes if the federal government approves tax reforms.

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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