Personal Finance, Jordan Goodman, Senate discussed on The Opening Bell with Steve Grzanich

Automatic TRANSCRIPT

At sunrise and is the co author and author of thirteen bestselling books on personal finance in jordan goodman joins us this morning good morning short welcome that's be with you there you know there are seven attack tax brackets right now in today's individual tax code the senate bill also calls for seven but changes the rate at taxable income the house bill by contrast only calls for four brackets talked to us about what does the house bill as it stands will do for the consumer well higher income people would have a walk plus taxes to pay for it comes down to yeah the bracket rates come there but the brackets are expanded dramatic i just give you one example they've so uh the top bracket now it's thirty nine point six per which kicks in at four hundred ten thousand and then come that would move up to a million so that means six hundred thousand dollars more income would be taxed a 35 percent instead of thirty nine point six percent charm as loud for brackets but that just gives you one big example so roughly a five percent cut on six hundred thousand dollars of income is going to save a lot of money for a lot of high income people the vast majority of the dollars in this tax cut got a higher income people and corporations sound opinion was just the fact they talk about a middleclass tax cut may get something but i mean that top person might get two hundred thousand and intact savings and the average person might get one or two or three thousand in the white now now about three quarters of us households would see task cuts in two thousand nineteen of the senate's tax bill while fight 85 percent would pay more now this bill gives americans obviously some more to take home in the senate bill as well but but what else does it have it in what does it mean for the individual taxpayer out of the senate bill well serb deductions credits that were used to would be going away our partly because the standard deduction would be doubling from roughly twelve thousand to twenty four thousand per family meaning about eighty five to ninety percent of people would not item us anymore more just use.

Coming up next