Will the new tax bill be as great as some say or as apocalyptic as others say?

“Many politicians tend to be drama queens and are on stage every day with their political theater. Suddenly some on Capitol Hill are talking about how concerned they are with the growing federal debt when they have been voting to increase the debt through dramatic spending programs for years. Apparently, they are betting on Americans either being stupid or having short memories.”

Palm Beach Free Press

The new Tax Cuts and Jobs Act affecting federal taxes was signed into law yesterday, December 22, 2017, by President Donal Trump and depending upon what political affiliation you are with, it is either the end of the world or the best thing since sliced bread. So, let’s try to distill the shrill and get back to reality as it is neither of those things.

First and foremost, we must understand, that according to the Internal Revenue Service (IRS) that over 45 percent of Americans do not pay federal income taxes as they are not required to do so. So, for over 45 percent of Americans, this will have zero impact because they are not paying into the system already. They may be paying other taxes such as federal Social Security and state sales taxes; however, none of those have any bearing on this issue.

If you wish to look…

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