WZZM Verify: Will the new tax bill lower taxes for the average West Michigan household?
Thanks to WZZM's Verify Team for talking with our own Phil Mitchell about the 2018 Federal Tax Reform.
"According to 2016 Census data, the average household income in Michigan is slightly above $50,000 with 2.51 people per home. We used those figures to determine how the new GOP tax bill will directly affect West Michigan families.
The short answer: Yes, at least until the year 2025 (when the cuts expire) -- taxpayers can expect to see minor a tax break.
But taxpayers won't really see those benefits until they receive their tax return in 2018. The only way to reap those benefits sooner is to adjust the amount withheld from your paycheck to match the new taxation amount. We sat down with Phil Mitchell, CPA, CFA to discuss some key takeaways for taxpayers."
