Keep an Eye on the New Tax Reform Plan

This past week, House Republicans announced a plan to reform the tax system. That proposal features some major changes to the current tax system that could potentially have huge impacts on the middle class as well as wealthy Americans and corporations. There has also been talk about changing retirement plan limits as part of a tax system overhaul, but such changes do not appear to be part of the proposal introduced this week. What does this mean for you? Well, at this point, it’s hard to tell as the proposal is still being digested by members of Congress as well as special-interest associations. There is also a good chance that there could be many changes made to this proposal before a final draft is published. While this is only a proposal at this point, it is important that you understand the major changes that it could bring about and how it could not only affect your taxes, but also potentially your retirement savings.

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