Not everyone has the time to pay attention to the policies being debated in Congress. But one debate going on right now has the potential to impact us all, and deserves the attention of anyone concerned about their future financial situation.
Both the Senate and the House of Representatives have put forth their initial tax plans, to be voted on before the end of this year. Though neither one is a done deal, the implications in these first drafts should not be ignored.
Though the plans being discussed are labeled “tax cuts”, many middle income earners will see their taxes go up. That is because there are several exemptions and credits being eliminated for individuals while the biggest cuts go to large corporations and the very rich.
You can click here to read more about one such rule being considered.