|
To receive daily emails from Breaking Christian News to your inbox CLICK HERE
Tax Benefits Kick In, Some Americans Rush to Lighten Tax Load"There isn't a tax bill that has ever been passed that everybody likes, but in the long run this is going to be very, very beneficial in terms of job creation, in terms of raising wages for middle income and lower and middle-income families." -Former Oklahoma Senator Tom Coburn
Corporations are giving bonuses, promising wage increases, and planning to expand. And some taxpayers are taking steps this year to lighten their tax load. When President Trump signed the new tax bill into law, he expressed confidence that Americans will like it once they start receiving larger paychecks next year. Some Democrats argue the new tax law will only benefit corporations and the wealthy, but the Tax Policy Center says 91% of middle-income Americans will receive a tax cut in 2018. That revelation even pleased socialist Senator Bernie Sanders who appeared on CNN's State of The Union with Jake Tapper. "It is a very good thing and that's why we should have made the tax breaks for the middle class permanent," Sanders said. The individual tax cuts are temporary and will expire within eight years if Congress does not act to make them permanent or extend them. Former Oklahoma Senator Tom Coburn said he thinks the new tax law will do remarkable things for the U.S. economy. "There isn't a tax bill that has ever been passed that everybody likes, but in the long run this is going to be very, very beneficial in terms of job creation, in terms of raising wages for middle income and lower and middle-income families," he explained. Already, Wells Fargo and Fifth Third Bancorp say they're raising the minimum wage at their companies to $15 per hour. Boeing, Comcast, and AT&T are giving their employees bonuses and they're promising to spend billions to expand their businesses nationwide. Some taxpayers in higher taxed states are jamming local offices to pre-pay next year's property taxes so they can get a bigger deduction this year. Next year, the allowed deduction for combined property and local income taxes is capped at $10,000. The president and many members of Congress wanted the cap because they felt it was unfair for Americans in states where taxes are lower to subsidize people in higher taxed states like California and New York. As for charitable deductions—they're still allowed for people who itemize their taxes. But the doubling of the standard deduction to $24,000 for married couples and $12,000 for singles means more people are likely to forego itemizing their taxes next year. Frank Nico, CBN's Executive Director of Planned Giving says if people intend to do that, they still have time to help their favorite charities this year. "If this year you're itemizing deductions and next year it appears you're going to end up taking the standard deduction because of the increase you can push forward some of the giving you have planned for 2018 into 2017, but you've got to do it by year-end." 
To receive daily emails from Breaking Christian News to your inbox CLICK HERE
Other Recent Articles from Breaking Christian News Fox News Host Lawrence Jones Delivers Powerful Gospel Message: I'm 'Proud to Be a Believer' California Mom Wants Child Castrated Without Father's Consent Biden Admin Pressures Guatemala into Pulling Out of Pro-Life Declaration against 'Right' to Abortion Prayer Paved the Way for Arizona's Pro-Life Win 'Hush Money' Criminal Case against Trump Is 'Bogus.' Legal Expert Explains Why Surprise: John Fetterman Breaks With Biden's Approach to Iran Attacks Israel's War Cabinet Weighs Counter-Strike for Iran Missile Attack as White House Pushes Diplomacy American Evangelicals among 'the Last Ones Standing with Israel' IDF Poised at Gaza Border, Braced for Iran Attack as US Warns Americans to Stay Near Israeli Cities Exposing Corruption at FBI: Whistleblowers Share Their Stories Senate Passes Resolution Nullifying Biden's Greenhouse Gas Emissions Rule Youngkin Vetoes 'Disastrous' Bill Expanding Ranked-Choice Voting In Virginia Wall Street Journal Poll: Trump Has Nearly Doubled Support Among Black Men and Women Since 2020 Blue City Plans to Defund Its Police Force to Pay for Illegal Immigrants Iowa Joins Texas: New Law Allows State to Deport Illegals |
    
  |
[
All articles on this site and emails from BCN are copyrighted property of Breaking Christian News. Permission is given to link to, or share a BCN story if proper attribution is given to both the original writer and summarizer of the story. Breaking Christian News 2005-2019. All Rights Reserved.
Breaking Christian News is a division of Elijah List Publications, Inc. All Rights Reserved
Disclaimer: Articles and links, as well as the source articles linked to; do not necessarily reflect the opinion of Breaking Christian News.
| Home | Store | Subscribe | Facebook | Article Archive |