Out With The Old Tax System, In With The New

This week, millions of Americans will file their taxes under an antiquated system for the last time. What was once an onerous task will become a more simple, easier process in the years to come. Filing taxes for the past 32 years was done under a complicated, invasive tax code. The burdensome process grew and evolved under the changes of society, and we are left today with a system that allowed for many loopholes and unfair tax brackets. Now that the Tax Cuts and Jobs Act is law, millions of Americans and thousands of businesses will truly begin to thrive financially.

The complex nature of the individual tax brackets had severely moved out of touch with regular tax filers in the past decades. Smaller paychecks make it harder for the average taxpayer starting a new job or for a family of five trying to sustain basic wellbeing. Now, larger paychecks and smaller taxes are no longer a far-fetched thought. When millions of hard-working Americans earn their paychecks this year, they will begin to see more money back into their pockets. Lower tax rates at all income levels and a doubled standard deduction ($12,000 for individuals and $24,000 for families) will boost income and allow many to do things like buy a new home or save for college.

 

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