Are There Any Tax Benefits Coming to the Middle Class?

Are There Any Tax Benefits Coming to the Middle Class?

Are There Any Tax Benefits Coming to the Middle Class?

Now that the president and his administration have announced their plans for an overhaul to our nation’s tax system and code, most taxpayers are wondering how it will affect them. While there are many reports that the nation’s wealthiest will get even wealthier, thanks to the tax breaks laid out in the plan, the administration continues to tout the benefits that will be coming to the middle class.

Is it all political rhetoric or do the middle class really have something to look forward to? Generally, it looks like the new proposals could lead to lower tax bills for many people. However, at the same time, many of the most popular tax deductions could also be cut, which might not sit well with a lot of taxpayers.

On the plus side, the president would like to raise the standard deduction for both single filers, as well as joint filers, which would lead to lower tax bills. It would also mean an easier tax return process because most people would not have to itemize their deductions. The downside is that many tax deductions people count on every year would be eliminated, except the mortgage interest deduction and the charitable contributions deduction.

The plan also calls for fewer tax brackets, which would likely lead to a lower tax bill for most taxpayers, but not all. The new tax plan also calls for greater tax breaks for parents, especially those who pay for childcare, as well as possibly increasing the Child and Dependent Care Tax Credit. Business owners would also see lower tax rates under the plan, which would be a huge boost to small businesses.

 

We hope you found this article about “Are There Any Tax Benefits Coming to the Middle Class?” helpful.  If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page  or our website at www.GROCO.com.  Unfortunately, we no longer give advice to other tax professionals gratis.

To receive our free newsletter, contact us here.

Subscribe to our YouTube Channel for more updates.

Alan Olsen, CPA

Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com.  GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.

Alan L. Olsen, CPA, Wikipedia Bio

 

 

GROCO.com is a proud sponsor of The American Dreams Show.

 

American-Dreams-Show-Accounting-firm-in-ca-cpa-tax-advisors-groco-alan-olsen

The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business.

Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind.

The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most.

They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more..

American Dreams discusses many topics from some of the world’s most successful individuals about their secrets to life’s success. Topics from guest have included:

Creating purpose in life / Building a foundation for their life / Solving problems / Finding fulfillment through philanthropy and service / Becoming self-reliant / Enhancing effective leadership / Balancing family and work…

Untitled_Artwork copy 4

MyPaths.com (Also sponsored by GROCO) provides free access to content and world-class entrepreneurs, influencers and thought leaders’ personal success stories. To help you find your path in life to true, sustainable success & happiness.  It’s mission statement:

In an increasingly complex and difficult world, we hope to help you find your personal path in life and build a strong foundation by learning how others found success and happiness. True and sustainable success and happiness are different for each one of us but possible, often despite significant challenges.

Our mission at MyPaths.com is to provide resources and firsthand accounts of how others found their paths in life, so you can do the same.

Posted in
Tony Raynor

The Man that Grows Water in Dirt, Tony Raynor CEO of Sustainable Green Team

Today, American Dreams host, Alan Olsen, sits down with Tony Raynor, CEO, The Sustainable Green Team to discuss waste reduction. Transcript: Alan Olsen Hello, this is Alan Olsen and welcome to American Dreams. I’m here today with Tony Raynor. Tony, welcome to today’s show. Tony Raynor Alan, it’s wonderful to be here. Thank you, Alan…

Taking Over the Family Business with Pamela Kan, President of Bishop-Wisecarver Corporation

Taking Over the Family Business with Pamela Kan, President of Bishop-Wisecarver Corporation

Family Business with Pamela Kan, President of Bishop-Wisecarver Corporation See Pamela’s recent interview with Alan Olsen on Youtube: https://youtu.be/-KvsbCcfmaM Pamela Kan has been the President of Bishop-Wisecarver Corporation since 1999. She is a highly respected leader in the manufacturing and engineering industry, and has been instrumental in growing the company into the successful business it…

Igniting Others With Kary Oberbrunner

Igniting Others With Kary Oberbrunner

Igniting Others With Kary Oberbrunner See Kary’s interview with Alan Olsen on Youtube: https://youtu.be/IfPrM7b9LII Do you struggle through life feeling lost? Do you want to find your dream job or perform better at your current day job? Are you looking for a new secret weapon for mastering life? Kary Oberbrunner is… a Wall Street Journal…

The IRS is Getting a Funding Increase, Episode 21 with Ron Cohen

IRS inflation related adjustments to tax rates, Ron Cohen, Episode 31

Today we discuss:
-IRS inflation related adjustm…