A Week Of Major News Affecting Your Money
Headlines lately have been filled with news affecting your wealth.
Here’s what’s most important.
A sweeping revision of the U.S. Tax Code is being negotiated in Congress.
The proposal would cut taxes by one and a half trillion dollars over 10 years, adding to America’s 20 trillion dollar debt.
The bill would redistribute the federal tax burden of individuals, making winners of some and losers of others.
Residents of high-tax places, like New York, New Jersey, and California, are expected to pay about 1 trillion dollars more in taxes under the bill’s limit on the deduction for state, local, and property taxes.
This key provision of the bill, along with a few other controversial changes, are meeting opposition in Congress, and the final legislation could be scaled back significantly in political horse trading.
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