Think Your Personal Taxes Will Go Down if Senate and Congress Pass Tax Reform?

If you do, you've been duped.

The new tax reform bills offered by both the House and Senate will probably raise taxes for all taxpayers because nifty little things like local and state tax exemptions will go bye-bye. To date, everyone in every state can deduct their state and local taxes from their federal taxable income. This means quite simply, your taxes will increase!

Furthermore, with people who own homes in excess of $500,000, will be on the hook for all the interest paid over that amount on outstanding mortgages. Meaning, you won't be able to write that interest off. Is this promoting people to stop buying and building $500,000+ homes? Doesn't this put people scrambling to downsize because they don't want to be holding a really big tax bill in April (or October?) You betcha. It's not about just sticking it to the rich either.

What does this mean for you - Mr. & Ms. Renter? Well, your landlords will be on the hook for higher tax bills, so no doubt, it will trickle down to the rent you pay. The average rents in Salisbury is around $1,200.00; however, now, you can expect to pick up the slack Congress is going impose on your landlord.

Perhaps it would be advantageous for you, Mr. & Ms. Taxpayer, to take a deeper look into the tax bills before throwing your Tax Reform party or listening to the Mainstream Media which is pitching for the government team. If the MSM told the truth, the Markets would tank immediately!

Let's hope President Trump will VETO the final bill if it moves to his desk... but until then, get out your checkbooks because if it passes and he signs on the dotted line, your taxes are about to go up BIGLY!