The Tax Cuts and Jobs Act is the most sweeping update to the U.S. tax code in more than 30 years. The recently released conference report would lower taxes on business and individuals, and unleash higher wages, more jobs, and untold opportunity through a larger and more dynamic economy.
The conference report is a serious effort to reform a complex and badly broken system that provides significant tax relief to the vast majority of taxpaying Americans.
Click here for a look at the chart with the comparison to current tax law and the changes coming in 2018.
Nothing is perfect with all the thousands of pages of IRS tax code, however, the big changes the new tax reform law enacts will make a difference for a majority of tax payers. Personally, I think a common sense outcome will be a growing economy in many sectors resulting in more jobs and perhaps growing wages.
I just hope average Americans embrace a new attitude toward debt. It is not going to matter if the economy gets better if millions of Americans continue to sink themselves in unnecessary debt. Tax relief certainly has the potential to help Americans pay down debt and get in better personal financial shape.
The conference report is a serious effort to reform a complex and badly broken system that provides significant tax relief to the vast majority of taxpaying Americans.
Click here for a look at the chart with the comparison to current tax law and the changes coming in 2018.
Nothing is perfect with all the thousands of pages of IRS tax code, however, the big changes the new tax reform law enacts will make a difference for a majority of tax payers. Personally, I think a common sense outcome will be a growing economy in many sectors resulting in more jobs and perhaps growing wages.
I just hope average Americans embrace a new attitude toward debt. It is not going to matter if the economy gets better if millions of Americans continue to sink themselves in unnecessary debt. Tax relief certainly has the potential to help Americans pay down debt and get in better personal financial shape.
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