Which Tax Policy Issues Will Be Big in 2017?

shutterstock_428580538-[Converted]

 

Taxes, taxes, taxes. One could argue that 2017 will bring more changes to our country’s tax system and policies than we’ve ever seen before. The hope is that all that change will bring about better rewards, including a simplified tax return process and tax cuts for most, if not everyone. So as the New Year begins, what will be some of the biggest tax policy issues that we might face over the next 12 months?

Will there be major tax reform or will there just be a major tax cut? Both Trump and Congress have made big promises, but it remains to be seen if true tax reform will take place, instead of just a large tax cut. Speaking of tax cuts; another one of the biggest questions is whether or not the wealthy will get a big tax break in 2017?

How fast will lawmakers move on their proposed changes? Congress and the president-elect both say they will move quickly on tax reform, but that also remains to be seen. Creating new tax policy usually takes a lot of time, so it will be interesting to see how quickly they can actually move forward with their plans.

How much will the nation’s deficit grow under the proposed tax changes and how much debt will republicans be able to live with? Most economic experts predict that a huge tax cut will ultimately increase the national debt, which could hurt the country’s long-term growth. Will republicans be able to live with that?

A few other tax issues that will be watched closely in 2017 include whether or not republicans will be able to attract support from democratic lawmakers, how congress is going to pay for health insurance subsidies and how will the corporate world respond to Trump’s economic plans? As you can see, there is a lot to look forward to in the next 12 months.

http://www.csmonitor.com/Business/Saving-Money/2016/1229/Ten-tax-policy-issues-to-watch-in-2017

/GROCO
Posted in

IRS Has Handed Out More Than $100 Billion in Refunds so far

As with every tax season there have been some mistakes that have caused problems for some taxpayers, as well as the usual battle with tax scams that pop up every year. However for the most part, the refund process has gone well to this point. In fact, at the end of February, the IRS reported…

There Is a Bright Side for Early Filers Victimized by Obamacare Gaffe

There’s been no shortage of complaints and problems with Obamacare since the nations new health care coverage law went into effect. In fact, the debate continues to rage on and another major decision from the U.S. Supreme Court is forthcoming in the months ahead. However, for the time being, Obamacare has been a problem for…

Should You Pay Estimated Taxes?

For most people tax time only comes once year. However, for anyone who has to pay estimated taxes a large tax bill could be due several times a year. Again, most people do not have to worry about paying estimated taxes, but there are several circumstances that will put you in that category. The most…

Do not Be the Victim of a Tax Scam

As the tax season continues to be in full swing we here at GROCO continue to hear of more and more tax scams making the rounds. We’ve discussed tax scams before, but it never hurts to repeat this important information, especially at this time of year when tax scammers are so prevalent. In fact, several…