Statement on Tax Cuts and Jobs Act
Today Mitchell Little, Executive Director of the Office of Community Empowerment and Opportunity (CEO) released the following statement on the passage of H.R. 1, the Tax Cuts and Jobs Act.
On December 20, 2017, Congress passed a comprehensive tax reform bill. With a few exceptions, the provisions of H.R.1 are effective January 1, 2018 through December 31, 2025, at which point the rules revert back to current law. The effects of H.R.1 are sweeping and will significantly impact the taxation of corporations and individuals alike.
CEO is encouraging our community to take advantage of the counselors at our Financial Empowerment Centers to see if these changes impact your income or expenses in a way that reduces your disposable income. We also recommend that you reach out to your Congressional Representative as well as a tax professional to learn more about the bill and the impact it will have on you and your family.
Please make use of the below links to learn more about the implications of H.R.1.
To schedule an appointment at one of our Financial Empowerment Centers, please give them a call at: 215-563-5665
Free Tax Preparation: Campaign For Working Families
Contact your Congressional Representative:
H.R.1 Summarized (for informational purposes only):