South Mississippians react to Trump's tax cuts - WLOX.com - The News for South Mississippi

South Mississippians react to Trump's tax cuts

GAUTIER, MS (WLOX) -

South Mississippians are beginning to feel the impact of President Donald Trump's tax overhaul.

Gautier resident Vivian Dailey says she's been waiting to see how Trump's new tax plan would affect her loved ones.

Dailey says, "I have relatives, young people that live in Hawaii, live in Texas, Alabama, and Mississippi.  Every one of them are starting to get those big bonuses."

Ocean springs resident Dian Rooks agrees. "Everybody can say what they want to about the tax plan. If you're a family of four, it's not crumbs. $1000 is a lot of money," she said. 

Back in December, both chambers of Congress passed the Republican tax overhaul bill, which was the first of it's kind in more than 30 years.

Among other things, the bill made fundamental changes to how much tax should be withheld from your paycheck. One objective if the bill was to not leave citizens with a big tax bill when after filing federal tax returns. 

It also lowers the tax burden on business owners, partners and shareholders.

Dailey says, "The thing that I find most appealing about the tax cut is that American businesses are returning to America, and they are investing in their employees."

Trump's final tax bill includes trillions of dollars in tax cuts, many of which are offset by revenue-raising measures.

According to the Nonpartisan Joint Committee on Taxation, the bill would increase deficits by an estimated $1.46 trillion over a decade.

However, it also lowers individual tax rates, nearly doubles the standard deduction, eliminates personal exemptions and expands child tax credit - which Trump hopes will encourage the U.S. economy.

The new tax bill also exempts almost everyone from the estate tax, slows inflation adjustments in tax code and eliminates the mandate to buy health insurance.

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