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By 2027, tax bill could cost more for working class

Current bill language would result in tax increases for households making $75,000 or less annually

By Joy Tipping and Samantha Kilgore, For The Richmond News

Missourians in poorer, rural areas may see “disproportionate increases” in their taxes if the federal Tax Cuts and Jobs Act becomes law, according to an analysis released Nov. 30 by the Missouri Budget Project, a nonpartisan, nonprofit public-policy analysis group.

The MBP gathered information from the Congressional Budget Office, the U.S. Congress’ Joint Committee on Taxation and the Institute on Taxation and Economic Policy, all of which estimate that people earning $75,000 or less annually will, on average, see their federal tax burden increase. If the act becomes law, changes resulting from it would begin Jan. 1, 2018, and continue through 2027. Some portions of the law affecting corporations would remain permanent, while other aspects, including tax breaks for middle-income families, would be phased out over time.

The MBS study shows that 76 percent of residents within Ray County make under $75,000 a year, which means they will likely face increased federal tax burdens by 2027.

The complete story is in the Friday, December 8, 2017 Richmond News.

Click here for our E-edition and read the rest of the story.

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