Tax bill could positively impact average Northwest Floridian
The president has promised everyone is getting tax cuts for Christmas. For people like Jessika Thompson, the reform bill is shaping up to be a welcome gift.
"My husband turns 30 next year," Thompson said. "So we want to go to Europe."
She works in advertising from home. Her husband is in the Navy. They are a married couple with no kids, other than two fur babies. Under the new bill passed in the house on Tuesday, she can expect to see more of the money she has earned. If that happens, she and her husband can travel and do other things.
"When we look to reinvest in other homes, investment properties we can use that cash to put down on a home. In general, just pay off car loans," Thompson said.
Randy Sansom, a certified public accountant in Gulf Breeze, said the tax package is a positive thing for the average Northwest Floridian. He said for a family making $60,000 to $80,000 a year, the bill would do three major things.
"One, I think most taxpayers are in the 15 percent tax bracket and that will be lowered to 12 percent for them," Sansom said.
He said on top of that, the standard deduction almost doubles for both single and married people.
"Lastly is the child's tax credit," Sansom said. "It's actually going to double from $1,000 to $2,000."
He said the tax package is not good for everyone. He said the bill would negatively impact the upper middle class.
"There are some things that are being lost and there are also some increases in tax rates," Sansom said.
Some of the things being lost are in the itemized deductions, like moving expenses.
Right now, Thompson uses the standard deduction. She worries the tax reform will not benefit her in the long haul.
"We'll have to see what comes in the next five to 10 years," Thompson said. "My concern is that it will benefit the wealthy and not benefit the middle class as much."