The winners and possible losers of GOP-backed tax bill
Rochester - There is still one legislative vote before a new GOP-backed tax bill heads to the desk of the President. The bill passed the House of Representatives Tuesday, but due to a procedural mistake, the House will have to vote on it a second time Wednesday.
For the U.S. Senate, it was a working night Tuesday on Capitol Hill. If the plan passes, legislation maintains seven tax brackets, with the country’s wealthiest earners enjoying a top-rate decrease from 39.6 percent to 37 percent. It also dramatically cuts the corporate rate from 35 percent to 21 percent.
Andy Pena, a full-time barber in Rochester, says any tax cut is a gain for him.
"It'll help the household, it'll help the kids, it'll help everything in life," said Pena, a father of four children.
Kara Cline, a Tax Manager for RDG+ Partners in Pittsford, says tax cuts are prized in her field.
"I think the ones that are gonna benefit the most are the ones that are lower income taxpayers," Cline said. "The Child Tax Credit is going to go up, so people are going to get a bigger benefit as well."
According to CNN, your marital status, how many kids you have, how you make a living, where you live, which tax breaks you ordinarily take, plus other elements will affect the changes you'd see in your tax bill if the GOP plan becomes law.
"The typical American family will see a benefit," said David Feor, Tax Manager at RDG+ Partners. "How much the exact benefit is, will be determined because everyone's situation is unique."
The plan would limit the deduction of state and local taxes to $10,000. Experts say that could be bad news for wealthy homeowners.