How the proposal could impact local residents, businesses
SYCAMORE – The talk in Washington has shifted from healthcare to tax reform, and the House of Representatives recently released its Tax Cut and Jobs Act. It's the first proposal of major tax reform in 30 years, but how will the proposed changes actually affect you?
The short answer: It depends.
“Tax law is so complicated. People need to be careful making blanket statements,” said Brad Cripe, associate professor of accountancy at Northern Illinois University. “It’s going to be an interesting year for tax preparation.”