How Are Fort Lauderdale Families Affected By Proposed Tax Bill?
President Trump’s proposed tax reform bill got a huge boost when Florida Senator Marco Rubio voted yes last week. But how does it affect families in Fort Lauderdale? According to Rubio and Republicans on Capitol Hill, the new tax bill could mean good news for working families with children. The bill is expected to provide Fort Lauderdale’s working families with their first significant tax break in several years. Rubio, who was initially against the bill, finally voted yes after the child tax credit was increased from $1,000 to $2,000.
The Increasing Costs of Raising a Family in Fort Lauderdale
The new tax reform bill could have a major influence on many Fort Lauderdale couples who are looking to start a new family. Economically, it is now more costly than ever before to raise a child in South Florida–not to mention the skyrocketing costs of a college education. The new provisions to the tax bill could be considered a game changer for many. For families with multiple children, the $2,000 tax break will be a welcome change. Not only will families have a better chance of having more disposable income, it will also allow them to save more money for the future.
But there are some complications. For example, President Trump’s tax proposal may not help those who are single parents. One of the key missing components of the Republican-backed tax bill is what it would do about the “head of household” filing status, which allows a higher tax deduction to those who are raising a child alone.
Corporate Tax Cuts and the Deficit
While middle-class families are expected to be the big winners from tax reform, Democrats on Capitol Hill have criticized the bill for allowing corporate tax cuts that would increase the national debt by more than $1 trillion. Democrat congressman Francis Rooney said he would like to see the corporate tax rate at 20 to 22 percent to help maximize on capital returns.
Another common criticism of the bill is it only benefits the wealthy. But it is also important to understand the wealthiest 10 percent of Americans pay for more than 70 percent of the nation’s income tax. Any tax cut would bring more money to the wealthy.
How a Fort Lauderdale Tax Attorney Can Help
Tax law can get extremely complicated. There are currently countless people throughout Broward County struggling with a variety of tax problems. Whether are you are facing an IRS tax audit, a bank levy, tax lien or owe back taxes, it is important to consult with an experienced and knowledgeable legal professional with a track record of resolving some of the most complicated issues concerning tax law. Over the years, Fort Lauderdale tax attorney Ira Zuckerman has successfully represented clients in Fort Lauderdale for a variety of tax problems. He and his staff utilize an aggressive and comprehensive approach to protect the rights of each client and to resolve their issues with the IRS as quickly as possible. To learn more, contact the Fort Lauderdale offices of Zuckerman Law, LLC and schedule a consultation to discuss your case.