Financial Focus: Tax Cuts Minus No Deductions Equals Tax Increase
Congressman Paul Ryan: “I would like to see a new tax system in place when we wake up January 1, 2018.” President Donald Trump: “It’s a once in a lifetime opportunity to fix an outdated and complex tax system. We should have a tax plan that lowers taxes, creates higher growth and brings more jobs.” Well, here it comes! As you might have heard in recent days, our new government is about ready to change our tax and financial life forever by: Simplifying personal tax brackets from 7 to 3 Increasing child and elderly tax credits Decreasing business taxes, significantly, from
