Opinions matter. So do calls to your state’s Congress person to voice your “vote yes” or “vote no” on the proposed Tax Cut and Jobs Act.
To contact your Senator’s office, call The U.S. Capital Switchboard at 202-224-3121. The operator will direct your call to the requested Senator of your state.
If you’re still on the fence and either don’t know which way to vote, or, think that this Act –if passed– won’t impact you personally think again.
Below I’ve excerpted some tidbits from a most excellent column published today, November 29, 2017, in The Palm Beach Post written by Frank Cerabino, titled “Know your tax plan: Take our quiz to deduce the winners”.
In a nutshell, here’s a look at some of the points made in that piece:
- Teachers spend on average, somewhere in the neighborhood of $500 each year out of their own pockets on supplies. Under current tax codes, teachers can deduct $250 a year from their taxes for doing so. In the new tax reform bill, that deduction would be ELIMINATED. But, tax deductions for corporate tax deduction for office supplies, remains in place.
- Fetuses—as in an unborn child—would be allowed to have 529 Education Savings Plans opened while the Adoption Tax Credit would be eliminated. (My thoughts, not Frank Cerabinos: Not only is that insane but if the tax reform bill passes, I will be the first in line to get a 529 plan for my unborn children including a couple for my pregnant dog. Who—or how—is anyone gonna check?)
- And, the American worker who takes a job that requires him/her to move will no longer be able to deduct the costs involved in their moving expenses, as they currently can. But, the new law would allow corporations to deduct moving expense for workers whose jobs are shipped overseas.
Chew on those points for a while. Then phone your Senator.
Read Cerabino’s column at:
-30-
allaboutfundsdotcom 