Three Bills You Might Not Have to Pay Since Trump is Back in Office

Once again, Donald Trump is the President of the United States. As a result, people in Texas are curious about how that will affect their finances.

Several tax policy change proposals have been discussed, and now that Trump is in office, people are curious about what is on the horizon. How will these proposed changes potentially affect, reduce, or eliminate some Texans' financial obligations?

According to an article by GoBankingRates, here's a look at three areas where Texans may receive some financial relief.

Will taxes on Social Security benefits be eliminated? 

One of Trump's proposals is exempting Social Security benefits from federal income tax—but only for those who earn less than $100,000 per year. The goal is said to provide financial relief for retirees.

Will there be tax exemptions on overtime pay, as well as tips?

We've heard lots of discussion over this, and it could make a huge difference in people's lives. The Trump administration has allegedly shared a plan, which is said to be part of a wider effort to ease the tax burden on the middle class, to make overtime pay and tips exempt from federal income taxes. This would help workers keep more of the money they earn.

Will the Tax Cuts and Jobs Act (TCJA) be extended and 'enhanced?'

Well, that is what is being discussed. The TCJA introduced a few tax breaks for individuals and businesses in 2017. However, those are currently scheduled to expire at the end of this year. Trump has shared an intention to make those provisions a permanent installment.

Will these proposed changes actually ease the financial burden on Texans?

Experts suggest the proposed changes could certainly decrease some bills that Texans are saddled with. At the same time, it is incredibly important to keep yourself informed.

Legislative developments sometimes change, evolve, and devolve, depending on one's perspective and personal situation. It may be a good time to connect with a financial advisor to help us navigate potential changes.

It is important to note that proposals like these are subject to legislative approval and may change as they progress through Congress.