CRYSTAL LAKE – President Donald Trump’s proposed tax reform plan is a mixed bag, but one that is likely to benefit at least some McHenry County families and business owners, financial experts and McHenry County business owners said.
The federal reform plan, which some have criticized as disproportionately benefiting corporations and wealthier Americans, includes measures such as doubling the standard deduction, raising the child tax credit amount and slashing the corporate tax rate. The proposal also includes plans to remove personal exemptions and place caps on certain deductions, such as the mortgage interest deduction.
Other proposed changes include the elimination of many special interest deductions, such as student loan debt interest and medical and moving expense deductions. A family tax credit could be implemented, and the child tax could jump from $1,000 to $1,600 under the current proposal.
“In some cases, you can see it's not going to be such a good deal,” said financial adviser Mike Piershale, president of Crystal Lake-based Piershale Financial Group. “In other cases, I can see where it really can help people.”