Outdated Information And Rhetoric Cause Confusion For Taxpayers
The Republican Tax overhaul was signed by President Donald Trump last week. But how do taxpayers know how much they’ll be paying in the future? Utah State Senator Lyle Hillyard said rhetoric and outdated tax calculators have made the situation more confusing.
“For example, I read a tweet the other day where someone was lamenting that fact that republicans had done away with the $250 deduction for school teachers and someone responded back, ‘Duh, that was removed, it’s not part of the bill, it’s still there.’ There’s a lot of stuff where people have heard rhetoric in the house version, the senate version and the final compromise version,” Hillyard said. “Most of us need to wait and see what the final bill said, not what the different proposals were. That would clear up a lot of the misconception.”
An updated and reliable tax calculator is available, according to Hillyard. He said even when looking at where you are placed in a tax bracket, it’s important to understand each individual is still different. Things like marriage, having children and purchasing a home affect tax returns.
“We have in the state legislature an office made up of economist who look very carefully at everything we do,” Hillyard said. “Whether it’s going to cost money or raise money, who’s going to pay for it?”
Hillyard hopes the current tax calculator based on the final tax bill will clear up any misperceptions about how much in taxes people will be paying in the future.