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The New Tax Bill: What Does It Mean?

Tuesday, December 12th, 2017

The Republican Party’s new tax bill that is currently in the works will have an effect on Americans and the amount of money they take home.Taxes are a necessary evil that Americans are all too familiar with. Taxes pay for roads, schools and medical expenses for many people. They are also a constant reminder of having a smaller paycheck. The Republican Party’s new tax bill that is currently in the works will have an effect on Americans and the amount of money they take home. The size of this effect is to be determined, but this tax plan is something that married couples who are considering divorce should be aware of.

As is being heavily reported in today’s news, the House and Senate Republicans have both passed a version of this tax bill, and will confer in the coming days to agree on a final version. And while the impact on corporations is likely to receive more news coverage, the bill is being touted by the GOP as a plan to allow the average working-class American to bring home more money after taxes. Many Mississippians fall into this category, so the tax bill will have a significant effect on residents of our state.

Of course, a tax bill as majorly different as the one that is currently being voted on could have major implications on married couples, and therefore on divorced couples. There is talk of some deductions increasing, namely the standard deduction and child tax credit. This could impact familial decisions regarding custody of the children more than taxes have before, so that is something for parties to keep in mind when discussing child custody.

Although none of the proposed tax provisions are set in stone, whatever version of the plan that is introduced is sure to have an effect on the finances of Mississippians, and therefore an impact on their decision making. The most important thing about receiving help is asking. Taxes are not something that the everyday person (or many attorneys) knows a great deal about, and therefore there is nothing wrong with seeking advice regarding how this new tax plan may impact your family. Knowledge is one of the most powerful weapons you can possess, especially when it involves your family’s finances. If you have a question about tax implications in your divorce, call the Law Office of Matthew S. Poole, and we will be glad to give any advice we can about this impact.