This morning, a Facebook friend shared that she had just learned that her income taxes as a single mother of two school-aged children would go up under the Trump tax plan.
Really?
Up until this point, I hadn't even thought about the ramifications of the Trump tax plan on my own family's bottom line or that of my friend's I decided to learn as much as I could about his tax plan, when it might affect my family... and by how much.
Firstly, I realize that rewriting the tax code is not something that the President does alone. He would work with the Republican-controlled Congress to make tax reform happen. President-elect Trump's platform did include a tax plan that would attempt to simplify the current tax code. Instead of seven income tax brackets, we could go down to three.
Source: www.donaldjtrump.com/policies/tax-plan (11-12-16) |
Source: www.donaldjtrump.com/policies/tax-plan (11-12-16) |
But what about my own family? How will our own tax bill change? This question has me looking over my last tax return, my current pay stubs, and predicting what Trump will be able to pass through Congress in the future. Part 2 of the answer to my question is coming soon.