WZZM Feature: People In West Michigan Could See Tax Break From National Reform
Thanks to WZZM's weekend crew for talking with our own Phil Mitchell about the 2018 Federal Tax Reform.
"For those making $50,000 to $75,000 in 2023, the Joint Committee on Taxation indicated 36% would get a tax break of $500 or more and another 19% would get a break of $100-$500. But 19% would pay about the same as they do now, 11% would pay $100-$500 more, and 15% would pay an extra $500 or more.
There are plenty of questions still remaining about what a potential tax cut will look like.
CPA Phillip Mitchell, President of Kroon & Mitchell in Grand Rapids, says our area comes out a little better than others because there's less impact with what's being taken away in deductions.
He also says taxes should be simpler.
"It should be easier to file a tax return and that's sort of one of the goal to make it a simpler system," Mitchell said."
