Las Vegans might see bump in annual salary due to Trump plan - FOX5 Vegas - KVVU

Las Vegans might see bump in annual salary due to Trump plan

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Workers may soon see some big changes in their paycheck. Under President Trump’s tax plan, a majority of Americans will be seeing more in their bank account, as early as this week.

While everyone’s taxes are different, crunched numbers show a single person without children and with an income of $75,000 will save up to $2,000 this year. While the president’s new tax plan includes lower tax rates, a local tax expert said there is a trade off.

“The government gives with one hand, takes with another,” Dennis Cooper with Cooper & Associates said. “They're taking away your exemption deduction, but they're moving it to make it look like you're getting a higher itemized deduction.”

While many said they have felt the effect on their wallets, their reaction was mixed.

“I feel great about it!” Jason Lathem said. “Everyone should feel great about it.”

“It’s always a nice thing to have your taxes lowered,” Lewis Willis said.

“We'll see something at the end of the year,” Marie Willis added. “We appreciate the large standard deduction, but we're more concerned about the long term.”

Tax experts said for individuals, these cuts are only temporary.

“The biggest tax break is going to corporate America,” Cooper said.

Under Trump’s plan, the changes will expire in 2025 for everyone except businesses.

“I think he has his own agenda,” Marie Cooper said. “I don't know if he's really looking out for the average person.”

So for now, people are making the most of this tax break.

“We've got kids, so it will certainly be going to education,” Kim Lathem said.

“Save for retirement - it's very practical and not fun. But that's about it,” Willis said.

Use the new IRS calculator online to find out if your paycheck and deductions are accurate.

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