My intention in 2018 is to become an expert at the new tax law. From what I have learned, most of my clients will pay less
tax under the new tax law. Generally, rates are lower. Deductions are higher, when considering that the new standard deductions of $12,000 single and $24,000 married will help a lot of taxpayers save tax just with that alone. Taxpayers with children will get an added bonus via the new $2,000 per child “child tax credit.”
Self-employed businesspersons may be entitled to the new 20% pass-through business deduction. All in all, the new tax law should save some taxes for most taxpayers, which makes me happy. As far as the deficit of our country being increased due to taxes being reduced, I could care less. So much money, ($21 trillion per an article I have read) has been stolen from us over the last decade or two that the deficit is merely a meaningless number that will never be repaid. So that is not even a factor in my opinion. More disposable income in the hands of the average taxpayer means at least they will be able to be able to save it or spend it, helping the economy or not. As far as I can see, the “economy” has not been the friend of the average working American, so I really don’t care about the “economy” as long as the average taxpayer gets a little help with this new legislation. It’s time for reality to set in for the national economy….the existing system has not helped the average working American. Anything that gives him or her a little help is alright by me!