What the tax cut plan means for you - Fox29 WFLX TV, West Palm Beach, FL-news & weather

What the tax cut plan means for you

  • Fox 29 Daily HeadlinesMore>>

  • Florida State removes statue of founder, slave owner Eppes

    Florida State removes statue of founder, slave owner Eppes

    Friday, July 20 2018 11:17 AM EDT2018-07-20 15:17:52 GMT
    Friday, July 20 2018 11:25 AM EDT2018-07-20 15:25:26 GMT

    Eppes was once commemorated as the founder of FSU, and until early Thursday morning his statue was on the school's Westcott Plaza.

    More >>

    Eppes was once commemorated as the founder of FSU, and until early Thursday morning his statue was on the school's Westcott Plaza.

    More >>
  • Trump talks tougher, now says he warned Putin on meddling

    Trump talks tougher, now says he warned Putin on meddling

    Wednesday, July 18 2018 12:31 AM EDT2018-07-18 04:31:41 GMT
    Thursday, July 19 2018 1:22 AM EDT2018-07-19 05:22:31 GMT
    (AP Photo/Andrew Harnik). President Donald Trump speaks to members of the media as he meets with members of Congress in the Cabinet Room of the White House, Tuesday, July 17, 2018, in Washington. Trump says he meant the opposite when he said in Helsink...(AP Photo/Andrew Harnik). President Donald Trump speaks to members of the media as he meets with members of Congress in the Cabinet Room of the White House, Tuesday, July 17, 2018, in Washington. Trump says he meant the opposite when he said in Helsink...

    Rebuked as never before by his own party, including a stern pushback from usually reserved Senate Majority Leader Mitch McConnell, the U.S. president sought to end 27 hours of recrimination by delivering a rare admission of error.

    More >>

    Rebuked as never before by his own party, including a stern pushback from usually reserved Senate Majority Leader Mitch McConnell, the U.S. president sought to end 27 hours of recrimination by delivering a rare admission of error.

    More >>
  • Marriott hotels eliminating plastic straws by 2019

    Marriott hotels eliminating plastic straws by 2019

    Wednesday, July 18 2018 12:25 AM EDT2018-07-18 04:25:22 GMT
    Wednesday, July 18 2018 10:47 AM EDT2018-07-18 14:47:09 GMT
    The world's largest hotel company said the move will eliminate approximately 1 billion straws and 250 million stirrers by July 2019. (Source: Pixabay, File)The world's largest hotel company said the move will eliminate approximately 1 billion straws and 250 million stirrers by July 2019. (Source: Pixabay, File)

    The world's largest hotel company said the move will eliminate approximately 1 billion straws and 250 million stirrers by July 2019.

    More >>

    The world's largest hotel company said the move will eliminate approximately 1 billion straws and 250 million stirrers by July 2019.

    More >>

Story Video: Click here

President Trump announced his sweeping tax reform plan Wednesday. Treasury Secretary Steve Mnuchin called it the ‘biggest tax cut in U.S. history’. 

“We’re going to reduce taxes and simplifying the tax code,” said Gary Cohn, director of National Economic Council. 

The administration laid out their tax cut proposal, aiming to cut taxes dramatically along with reducing the number of tax brackets from seven to three. 

NewsChannel 5’s political analyst, Brian Crowley, said the one-page document leaves many question unanswered. 

“Many of the tax cuts in this package are aimed at the wealthy,” Crowley said. “Will the middle class benefit? That’s yet to be seen.”

The plan would double the standard deduction, meaning a married couple would pay no taxes on the first $24,000 they earn. 

But it would also eliminate all deductions expect for mortgage and charitable deductions. 

“That could have a big impact on families,” Crowley said. 

Experts estimate that the cut in taxes would mean a $4 trillion loss in revenue. 

“I would say today is the start of the great Republican economic experiment,” Crowley said. 

An experiment because, Crowley argues, we don’t know how the government plans to pay for it yet. 

The administration insists that this plan will for itself. 

"This plan is going to lower the debt to GDP,” Mnuchin said. “The economic plan under Trump will grow the economy and will create massive amounts of revenues -- trillions of dollars in additional revenues."

Others remain skeptical if the economy is going to produce those numbers. 

“Their confidence that everything is going to work out just fine is probably in some ways similar to the confidence of economists in 2007 that 2008 would be just dandy,” Crowley said. 

There were reports of the administration planning to remove the tax deductions on 401k plans. No mention of that during Wednesday's rollout. 

WPTV

Powered by Frankly

1100 Banyan Blvd.
West Palm Beach, FL 33401

FCC Public File
EEO Report
Closed Captioning

All content © Copyright 2000 - 2018 Raycom Media. All Rights Reserved.
For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.