12 Days of Christmas, Day 9: New Tax Plan
It seems like the media has been in a frenzy since the GOP Tax Plan was passed. Is all that justified or is it just a lot of hoopla that the media loves to start? Well, I read a good chunk of the several-hundred-page bill so you wouldn’t have to. Instead of doing what the media does and telling you whether you should or shouldn’t like it what I am going to do is tell you what I like about it. I am going to come out and say I, personally, love it. My company is going to pay much less in taxes and personally I will be paying less in taxes. I’d love to hear your thoughts.
What I like about the bill:
· Cutting the corporate tax rate. We had one of the highest corporate tax rates in the world. Cutting it will make us a competitor in the US economy and cut business costs.
· It is good for “most” of the middle class. This one is hard to say for sure because it really depends on previous deductions, dependents, mortgage payments etc.
· The bill also has tax repatriation, which is awesome. It is estimated that Google has $1.3 trillion in overseas money. If Google was to bring that to the US and introduce it to the US economy that could really boost the economy especially if they invest it.
· The bill will keep tax cuts for those who invest in renewable energy such as solar and wind farms.
If you would like to see how the new tax bill affects you here is a link to a chart that will estimate that for you: https://www.nytimes.com/interactive/2017/12/17/upshot/tax-calculator.html