It's the biggest shift in taxes since the Reagan era, so who are the winners and losers of the new tax cut measure in Mississippi?
This is the first major overhaul of the tax code in more than 30 years.
Speaker Paul Ryan said before the vote, "today we give the people of this country their money back".
Nancy Anderson is the President of New Perspectives. The CFA is also a Ph.D and Associate Professor of Finance at Mississippi College.
So we wanted her perspective.
Corporations will be the big winners and the rest will filter down to paychecks of Mississippians, according to a charter financial analyst.
"The winners are going to be the public corporations," said Anderson. "So when you see the stocks on the ticker on wall street, these are your public corporations and their tax rates have dramatically decreased with this bill."
For Mississippians who take home far less, the median income in our state is around $40,000. They will see a reduction in taxes.
"If you look at the tax policy center and what they are predicting, the average tax break for that range, it's going to be about $900 a year or about $75 a month," explained Anderson. "A break. Right and that's nice to have $75 a month. You get paid twice a month, it's $37.50. If you make $25,000, expect to get about $5 extra a month in your paycheck. That's not much."
Anderson said the good news was the late push to expand the child tax credits to poor families.
There is also the controversial expanded 529 plan for school choice that can be used for k-12 expenses, not just college.
"The expansion of the 529 plan, so now it's not just for college anymore. It can be used for home schooling expenses along with the private schools. So for our clients, we are going to be telling them this is a way to save on your tax bills," said Anderson.
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