1 result for tag: Republican Tax Plan

Will the GOP’s Tax Plan Affect You?

November 9, 2017 , , ,

Typically, I don’t write about tax bills because they may never become law. Congress’ latest plan for tax reform stands out, though, because it proposes to change many longstanding tax rules. But a lot of horse-trading goes on before final laws are enacted, and that’s already started. While there is a lot of talk about the proposed reduction in corporate taxes (from 35% to 20%), individuals may face tax changes that aren’t so beneficial. That will be the focus here. When it comes to personal tax deductions, many of us benefit from deductions for home mortgage interest, property taxes and state income taxes. Under the current proposal, ...