Thanks again to Mr. Barry Rossman for joining me for a Facebook Live Q&A this week to talk about the changes that GOP tax law will make for individuals filing their taxes next year. We talked about changes to the standard deduction and individual exemptions, tax brackets, itemized deductions, and the child tax credit, among other topics.
Yesterday, Barry sent me a message summarizing his thoughts on the GOP tax law: “After thinking some more about the info I presented last night I came to this conclusion. The only group that may see a tax increase is people in the middle class. Incomes below middle class will see no change or a small cut. Because of the changes to the rates and amt the incomes above middle class are guaranteed a big cut. How ironic is that?” Ironic is definitely one word for it.
Barry works with the Volunteer Income Tax Assistance Program (VITA), which is run by Centre County’s Retired and Senior Volunteer Program (RSVP). If you would like to learn more about the program, or would like to volunteer, please see the information in the picture which I will post below.