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

Thinking About Loaning Cash to Your Business?

Are you looking to start a business, or is your current business in need of some cash? Maybe you can’t get a loan from a bank, or maybe you would rather not use a bank. What about lending some of your own money to your company? Can you do that? Yes, you can, but you’ll…

Tips for Filing Your Tax Return

Which Tax Extensions Will Affect Your 2014 Return?

Are You Ready for Your 2014 Taxes? Although many people might answer yes to that question, the fact is taxpayers can only do so much as long as Congress is dragging its feet on several expired tax extenders. The fact that these extenders are still sitting in limbo is nothing new. It happens almost every…

So-Called Temporary Recession Tax Not So Temporary

Remember the great recession of 2009? Although the recession may now be a thing of the past, some so-called “temporary” taxes are having a harder time fading into the background. That’s because many states throughout the country are still collecting on tax bills that were enacted solely for the purpose of refilling public reserves. Fourteen…

Congress Not Looking to Pass Internet Sales Tax Anytime Soon

Ever since the Internet became a worldwide sensation, there have been those who think it should be taxed, especially Internet sales from state to state. Taxing the Internet would be a huge source of extra revenue for the government, but for those who use the Internet to shop (which is just about everyone these days),…