SPRINGFIELD, Mo. – As employers hand out W-2 forms this month, tax season is again upon us.
It’s different this year. This marks the first tax season since President Donald Trump’s Tax Cuts and Jobs Act took effect. Trump signed the law Dec. 22, 2017 after it was passed by Republican majorities in both chambers of Congress. No Democrat voted for the law.
The new tax reforms are the latest chapter in a long history, going back to the Boston Tea Party. Big tax cuts have been enacted under presidents Kennedy, Reagan, George W. Bush, Obama and Trump. But many observers say the Trump reforms are the most significant changes since the bipartisan tax bill of 1986.
What does it all mean for Springfield taxpayers?
A lot of changes. The new lower tax rates – which top out at 37 percent of income for individuals making $500,000 or more per year – are a big topic of discussion, as are the law’s standard deductions for taxpayers. Congress nearly doubled them.
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