William D King: A review of the proposed tax law changes and what they could mean for you financially
The proposed tax law changes are meant to benefit the average family. This article will explore how much money these tax changes could save you says William D King. Paragraph 1: Families with one child will receive up to $2,000 in savings due to the increase of the standard deduction. The Trump administration has maintained that this new tax cut will help middle-income Americans greatly because they can now pay less tax for their hard work. Paragraph 2: This part of the article discusses other possible deductions and credits that would be removed due to the apartment bill; these include deductions for student loans interest, alimony payments, medical expenses (if it is not more than 7.5% of your adjusted gross income), casualty losses, and tax preparation fees. The Trump administration also plans to lower the tax rate for the highest earners from 39.6% to 35%, but it will increase taxes on inheritances exceeding $5 million. Furthermore, there are major changes being made to… Read More »William D King: A review of the proposed tax law changes and what they could mean for you financially