What to Expect from the Major Tax Reform Law

  Congress appears poised to enact a major tax reform law that could potentially make fundamental changes in the way you and your family calculate your federal income tax bill, and the amount of federal tax you will pay. This letter is designed to help you cope with the potential changes Congress is hammering into shape right now—to take advantage…

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New Act Highlighting Taxes

Yesterday, the house passed The Tax Cuts and Jobs Act by vote of 227-205. Highlights of the bill are as follows: Individuals Tax brackets of 12, 25 and 35% with a 39.6% rate for “high-income” taxpayers. The standard deduction is doubled ($12,700 for single taxpayers and $24,000 for married couples) while reducing certain itemized deductions such as: Home mortgage interest…

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Tax Legislation: Update

Rackers & Fernandez LLC is monitoring progress on a daily basis and will keep our clients updated. The following are the latest developments as of yesterday. The Senate tax-writing committee will begin addressing details of its tax cut proposal (Monday, November 13, 2017). The House is expected to vote on its bill sometime this week. Points of disagreement between the…

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Proposed Tax Legislation

Rackers & Fernandez continues to monitor daily developments on proposed tax legislation. It remains unclear whether legislation will be passed for the 2017 tax year. We will continue to update you as we monitor the daily developments and keep our clients apprised. On Thursday November 9, 2017, the Senate released its’ version of proposed tax legislation. While there are similarities…

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Trump Reveals Framework of Tax Reform Plan

With much recent talk of possible tax reform, President Trump and the “Big Six” have released a general outline for individuals, businesses, and international tax reforms.  Unlike past tax reform documents that have surfaced over the past few months, the highlights of the unified tax reform framework released yesterday goes more into detail of what soon may be passed by…

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2017 Tax Reform: Trump Outlines Principles

President Donald Trump, in a speech delivered at a manufacturing company in Springfield, Missouri, discussed the need for tax reform and broadly outlined his vision of an “America First” tax system. While generally focusing more on “why” tax reform is necessary and less on specific tax reform measures, the President did reaffirm his desire for a 15% business tax rate….

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St. Louis City Minimum Wage Drops

St. Louis’ minimum wage has dropped to $7.70 after a brief increase to $10, due to opposition from Missouri Gov. Eric Greitens. In July, Greitens announced that the increase would kill jobs. St. Louis passed an ordinance in 2015 that mandated the city’s minimum wage would increase to $10 by 2017. A court battle between Missouri’s state legislature and the city of St. Louis ensued, but the city’s minimum wage…

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Out-of-State Travelers Expected to Pack Missouri for Solar Eclipse

Expect Missouri roads to be busier than normal these days leading up to the solar eclipse. More than a million out-of-state visitors will pack Missouri’s roads over the four-day weekend, according to the Missouri Department of Transportation. Worst case scenarios would be traffic jams on the highways leading into cities that are prime viewing of what for many will be a…

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Recent Developments That May Affect Your Tax Situation

To the Rackers & Fernandez family of clients: The following is a summary of important tax developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and…

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St. Louis Minimum Wage to Revert

Gov. Eric Greitens says he will let a bill repealing a St. Louis minimum wage become law without his signature. The decision announced last Friday by Greitens means St. Louis’ $10-an-hour minimum wage that has been in place since early May will come to an end Aug. 28 when new Missouri laws take effect. The minimum wage in St. Louis…

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