Proposed tax plan and its impact on Georgia voters
Posted November 6, 2017 4:06 p.m. EST
ATLANTA, GA — The new tax plan hasn't passed the House or Senate yet but CBS46 is digging into what the current proposed plan means for Georgia voters.
Manka Kaur is a certified financial advisor. She says under the new plan 80 percent of Georgia middle class families of four will save.
"Four out of five will potentially see a decrease of 1200 which roughly translates to $4 a day."
That's because the new plan raises the child credit from 1,000 to 1,600 per child. The plan also raises the standard deduction for couples from $12,700 to $24,000.
But families who rely on itemized deductions could lose money. The plan eliminates many itemized write offs--including medical bills.
6:15:02 - "A lot of people that pay for their own long term care--that's a very significant expense."
While charitable deductions will stay property tax deductions are now capped at 10,000. Kaur says that will only effect people living in states with high property taxes and Georgia tax payers shouldn't panic.
"For people that are living in states with median house prices or lower it's not going to affect them as much as people who are living say in New York or San Francisco."
Kaur says each person is different when it comes to taxes and advises everyone check with their accountant or financial planner.
"It's still fluid. and we expect a lot to change here. The tax plan is expected to go through many reforms; however, President Trump says he wants a plan on his desk by the end of December. in Atlanta.