Will You Benefit from the New Tax Cut Bill? According to this table from the Tax Policy Center, individuals making $25,400 per year (or less) will save $5 bucks per month. That $5 will buy you a couple of gallons of gas, or a sandwich at a fast food outlet. If you are closer to the middle class, middle income range of $25,400 to $48,600 per year, you will save approximately $32 per month. That $32 dollars will probably go towards another bill that has increased, but you may be able to save some of it. If you don’t have a saving account at your local bank or credit union, this is a good opportunity to open a savings account, and deposit as much of your tax cut savings as possible. Most banks and credit unions require a minimum balance, so you must have money to save money … In my opinion, credit unions are a better deal for consumers because their fees are typically lower, as are their minimum balance requirements. It’s not until we get to the upper income range of $48,600 to $86,100 that we see an opportunity to invest the tax cut of $77 bucks per month! A certificate of deposit might be an option to earn more than a savings account on your investment. Click here to learn the minimum investment needed to open a certificate of deposit.
Will You Benefit from the New Tax Cut Bill? According to this table from the Tax Policy Center, individuals making $25,400 per year (or less) will save $5 bucks per month. If you are closer to the #middleclass #middleincome making up to $48,600 per year you will save approximately $32 per month. That $32 dollars will probably go towards another bill that has increased so not too much of an opportunity to #save #savemoney. Not until we get to the #upperincome range of $48k – $86k do we see an opportunity to save or #invest the #taxcut of $77 bucks per month! The #savings #savingsrate for Americans is less than 5% so the higher income individuals & families may be able to increase their savings rate and benefit from the #taxcut law. How much will you save or invest per month? #investing #investor #investors #investinyourself #timetoinvest #investmentopportunity #investmentopportunities #investmentproperty #saveforarainyday #savefortomorrow #saver #savers #saveyourtaxes #saveyourtaxcut #investyourtaxmoney #investyourtaxcut #saveyourmoney #saveyourmoneyhoney
Unfortunately, the tax cuts for individuals are temporary. They only last 10 years. Since the savings rate for Americans is less than 5%, let’s look at the next 10 years as an opportunity to save and invest in our families and our futures! How much will you save or invest per month?
The opinions expressed herein are solely those of the Author/WebMaster. Before taking any action, please consult your real estate, financial, and legal advisors.