GOP tax reform

Ep. 051 - Tax Reform and What it Means for You

Big changes are coming to the U.S. tax code, but how will it impact YOUR bottom line?

This week we’re doing something a bit different. No guest! Just me diving deep and offering up my two cents on the GOP’s plan to remake the tax system for the first time in over three decades.

Given the historic nature of the event, I wanted to break it down and mull over some of these questions:

  • What will change for most Americans?
  • How does geography play into the calculation?
  • What happens to homeowners?
  • How will corporations deploy their tax windfalls?
  • What will the near term and long term economic impact of this reform be?

Thanks for allowing me to hog the mic and rant! Depending on how it goes, you may be hearing a bit more of that in 2018!

“Better Off” is sponsored by Betterment.

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What’s in the Final GOP Tax Bill

What’s in the Final GOP Tax Bill

Late Friday, the GOP released its final tax bill, which is expected to pass both chambers of Congress this week. Here’s what made it in—as previously noted: how it impacts your bottom line depends on how much you earn, how you earn it, where you live and the size of your family. To see a rough estimate of its impact, check out this Wall Street Journal tax plan calculator.

Republican Tax Plan Cheat Sheet

At long last, the House Republican tax plan (the “Tax Cuts and Jobs Act”) is out and it is a huge and confusing bill. Contrary to promises of simplifying the tax code, it is just as dense and complicated as the current system. Winners and losers will be determined on a case-by-case basis, depending on where you live, whether you itemize deductions and how you earn your money.

Trump Tax Reform 2017

Trump Tax Reform 2017

On Tuesday night, the President will speak to a joint session of Congress, where he could finally outline details of a major overhaul to the personal and corporate tax system. Last week, Treasury Secretary Steven Mnuchin told CNBC that the administration is “primarily focused on a middle-income tax cut and simplification for business. And what we are focused is that on the high end, if there are tax cuts, that they are offset with reduction of deductions and other things.”