Will There Be Less Money for You After Tax Reform?

September 22, 2017
120 Shares 2,216 Views

After promising widespread tax reform during his campaign, President Trump looks set to get started on it this month. During the campaign he called for a massive tax cut which saw him gain great popularity amongst voters, but the realities of the tax cut may be quite different.

Bloomberg projects that “if you save for retirement or itemize your tax deductions, you could end up paying thousands of dollars more after tax reform than you do now. Upper-middle-class taxpayers in particular could face a triple whammy. On the table are limits on—or even the elimination of—three of their favorite tax perks: deductions for mortgage interest and for state and local taxes and the ability to make pre-tax 401(k) retirement contributions.”

Such measures could have a profound effect on successful small business owners. Take some time to read through Bloomberg’s full report at bloomberg.com. To receive more updates such as these, subscribe to our free newsletter down below.

[grwebform url=”https://app.getresponse.com/view_webform_v2.js?u=BKTzq&webforms_id=14431602″ css=”on” center=”off” center_margin=”200″/]

 

You may be interested

Job Hiring is Picking Up as Employers and Consumers Gain Confidence
Economy
548 views
Economy
548 views

Job Hiring is Picking Up as Employers and Consumers Gain Confidence

Lamont J - March 29, 2021

The recent government stimulus for small and medium-sized businesses, personal stimulus checks, and declining Coronavirus cases, are all great news…

Fed Could Maintain 0% Interest Rate Until 2024
Economy
489 views
Economy
489 views

Fed Could Maintain 0% Interest Rate Until 2024

Adam R - March 26, 2021

The Federal Reserve is holding its target interest rate in a range of 0.00% - 0.25%, even while the economy…

Supply Constraints Could Slow the Home Market
Economy
555 views
Economy
555 views

Supply Constraints Could Slow the Home Market

Becky H - March 25, 2021

Low inventory has been a constant in the home market for more than a year. The supply of existing and…