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Do your own research on tax reform

Steven Britsch

Devils Lake

This past week, there’s been much written in these papers on the impacts of tax reform. Letter writers have touted various statistics and questioned the validity of claims from politicians and experts alike.

As a CPA that just wrapped up tax season, I know a couple of things to be true. First, every single person’s situation is going to be different. It’s just the way it is. Sure, we can cite “averages,” but if you want to estimate your savings from tax cuts you have to use your own individual situation. Second, as I wrap up submitting taxes for individuals and for business, I witnessed – first-hand – that most of my clients will be experiencing reductions in 2018. The reductions are real and impactful. Again, that’s just how it worked out and your situation could be different.

Rather than speculate with clouded facts and politically motivated bluster, I encourage all of us to do our homework. Moneyhelpcenter.com put out a very useful (and free) tax calculator. You can find it at “https://www.moneyhelpcenter.com/ taxes/calculate/trump-tax-reform-calculator/”. For those who do not have business income the IRS has a withholding calculator which can help you determine if you’re withholding is in the proper range. This can be found at “https://www.irs.gov/individuals/ irs-withholding-calculator”. My challenge to anyone interested in this issue is to be informed and get your own facts on the tax reform impacts touching you and your family.

There has also been much political back and forth concerning what effect tax reform will have on the national debt. Recent history has shown that raising taxes and increasing spending didn’t solve the debt problem. In fact, it added to it. Now, we are trying something different with tax cuts. Recent history won’t be much of a guide since we’ve not seen this level of tax reduction since 1986. Those who voted for tax reform were placing a bet on the entrepreneurial spirit and work efforts of the American people. Betting that this American spirit and renewed optimism will raise our country’s GDP to levels not seen in years. Thus, reducing, if not eliminating, any deficit created by tax reform. Recent history has shown us that betting on the government with raising taxes and government spending didn’t work. Now, we’re betting on the American people.

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