A complex code overshadowed by a speedy trip through Congress.
The tax reform bill is expected to head to President Trump’s desk by the end of the week.
The senate, to vote Tuesday night.
“A rising tide lifts all boats, this will not only make sure that Hoosiers are able to keep more of the money that they earn,but it will also make sure that there’s new opportunities for Hoosiers, and over a number of years this increase in economic growth will lead to more revenue,” said Indiana Republican Senator Todd Young.
Some of the main takeaways from the final version of the tax reform bill are the cutting of corporate tax rates, and the increase in standardized deductions.
More standardized deductions, some say, will streamline the tax paying process.
“It should and it will effect people differently, like I said, but if you’re just doing a standard deduction, it should simplify the tax code for you,”said USI Asst. Accounting Professor, Brett Bueltel.
There are, however, still naysayers, who think the trillion dollar investment in the plan may not pay off.
“We all like more money in the pocket, so we have more spending money, but if we have to pay more in terms of higher interest going down the road in finance loans or auto loans, or any of these other loans so we could be losing there,” said Sudesh Mujumdar, Ph.D, USI Economics Dept. Chair,”What we’re saying is lets benefit now and sacrifice the future by this tax plan, because we’re not making those kinds of investments in infrastructure that will make us more competitive.”
While others say it could pay off when it comes to your paycheck as soon as next spring when new payroll line item guides will take effect, but the house is not set to re-vote on the plan until Wednesday morning.
President Donald Trump is expected to sign the legislation when it hits his desk if the senate also passes the reform bill.