HOUSTON (FOX 26) - As the landmark $1.5 trillion Republican Tax Cut turns a year old, it's appropriate to pause for an assessment. On the positive side, economic growth has predictably picked up and corporate profits have risen. On the negative side, the Federal deficit has surged sharply ($984 billion for FY2019), wage gains have been anemic and it appears companies are using much of the windfall to buy back their stock at record levels. The current Total Federal debt is $21 trillion.
This week's panel: Jessica Colon - Republican strategist, Nyanza Davis Moore - Democratic Political Commentator Attorney, Jacob Monty – Republican attorney, Antonio Diaz- writer, educator and radio host, Tomaro Bell – Super Neighborhood leader, Ben Streusand – conservative commentator, “Three Amigos”, KSEV Radio join in a discussion assessing the year old tax cut and the nation's financial health.
(Fox News) - As Americans get ready for the upcoming tax season, sweeping changes are going to affect how individuals and families file this year — including which deductions and credits they can claim.
While the Tax Cuts and Jobs Act doubled the standard deduction for both individuals and married couples filing jointly – meaning fewer people are expected to itemize – it also changed allowable deductions.
Here’s a look at what is no longer – and what still is – able to be claimed, as compiled by TurboTax:
Under the previous law, families were able to claim a $4,050 exemption – per parent – for each child. That deduction is no longer viable.
Unreimbursed employee expenses
A number of employees’ business expenses that went unreimbursed by employers – like classes and seminars – are no longer deductible under the new law.
In 2017, workers moving for a new job could deduct related expenses on their tax returns. Everyone, except members of the armed forces, has lost that benefit.
Under previous law, the higher-earning spouse could deduct alimony payments on his or her tax filings. The recipient included the payments as part of his or her taxable gross income.
Read more at FoxNews.com.