National Tax Reports, a reputable Tax Information Company is pleased to announce the release of its new financial analysis on President Trump’s Tax Plan: The Tax Cuts and Jobs Act which became effective following the signing of the Act by President Trump. The reason why the company is looking critically at the ongoing development is because the new Act lowers the corporate tax rate from 35% to 21% just at the turn of the 2018 financial year.
Going by this latest taxation plan by Trump, every tax-liable individual and/or company needs to be aware of what the future holds in store for everyone. For instance, a TurboTax analytical review discovered that for big income earners, the highest tax bracket is now 37%. The new law and its ongoing application also means that the rates of income taxes are being cut, while doubling the rate of deductions from standard to higher level rates. It also includes the cutting of some personal exemptions.
However, one other thing that taxpayers must understand is that apart from the corporate tax cut, every other thing will expire in the year, 2025. Given this consideration, it becomes mandatory for every American taxpayer to know the length at which this latest change will affect their taxpaying responsibilities.
There are also changes with personal deductions and standard deductions relating to married and joint taxpayers, as well as the effect of these deductions at the states and local levels, and more.
For instance, there is already an expanded deduction for both 2017 and 2018 in the healthcare sector. Here, taxpayers are free to take deductions if their payment exceeds 7.5% of their income.
For more information, visit https://nationaltaxreports.com/how-trumps-tax-plan-will-change-things
About Frank Ellis
Frank Ellis is a Traverse City Tax Preparation Planner and published author. He has written tax and finance related articles for eight years and has published over 900 articles on leading financial websites.
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