Tax Reform Resources

$1.5 Trillion Tax Reform Plan Signed Into Law

The bill was the most significant overhaul of America’s tax system in decades and a legislative victory for the President, who has struggled during his first year in office to pass major bills that would deliver on campaign promises, even with Republicans having the majority in both chambers of Congress.

 Under the new law, individual tax rates will be lowered, but those cuts are set to expire in 2025. The standard deduction, which will almost double, is likely to become more popular. The tax credit for children will also double, which Republicans have said will benefit lower-income families. The largest cut in the new tax law — which will not expire — benefits corporations.

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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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BRAND NEW: Podcasts discussing key topics related to the proposed Tax Cut and Jobs Act of 2017

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