Senate Republicans are expected to unveil their tax plan this week and while we don’t yet know the details, the rumors are that there will be $1.5 trillion in tax cuts over the 10-year budget window. Even days before the announcement, lawmakers are divided on some key issues. In a surprise move, Republicans are reportedly considering maintaining the top income tax bracket of 39.6 percent, which applies to ordinary income above $470K for married filing jointly (MFJ) and $418,400 for single filers. Earlier this month, the President said, “the rich will not be gaining at all with this plan…the wealthy will be pretty much where they are…If they have to go higher, they’ll go higher, frankly.”

BlogMark TalercioSeptember 23, 2017Alternative Minimum Tax, AMT, capital gains rates, charitable contributions, charitable deduction, child and dependent care expenses deduction, corporate tax rate, GDP, gift and estate tax, mortgage interest deduction, national debt, pass through income, Republican Tax Plan, retirement plan, state and local tax deduction, tax brackets, Tax cuts, tax holiday, 401k, Roth, IRA, retire, retirement, finance, invest, investing, investment, money, cash, debt, podcast, CFP, Betterment, fiduciary, Schlesinger, JillSchlesinger, mortgage, credit, 529plan, 529, financial aid, financialaid, stocks, WSJ, WallStreet, WallSt, career, network, networking, savings, annuity, annuities, personalfinance, personal finance, Vanguard, studentloan, student loan, FAFSA, Equifax, college, CBS, CBS News, CBSNews

Economic Growing Pains 2017

"The simple message is the economy is doing well," Federal Reserve Board Chair Janet Yellen said in the press conference that followed the central bank’s third quarter-point rate hike in 15 months. She went on to say "We have confidence in the robustness of the economy and its resilience to shocks." You might be wondering what exactly “well” means. Let’s start with the long-term economic growth rate, which has averaged about three percent annually for the 50 years from 1966 through 2016.

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