The newly passed Republican tax plans will save you and your family money almost immediately; that’s according to Representative Tom Reed.
On Tuesday, he denounced critics who say the bill was rushed. Reed said the tax reform process began nearly seven years ago. However, he did make mention of a “natural deadline.” He said he’d like to see the policy put into place by the end of the year so the IRS can get prepared soon as possible:
“What that would also mean is by getting it on the books earlier for Jan. 2018 that people are going to save more money from their paycheck immediately because you’re going to have those new tax brackets, a new tax rates for example that will result in less withholding for people,” Reed said. “And that means they have easier and earlier access to their hard earned dollars.”
As for the Dec. 8 deadline that’s been talked about: Reed said that is in reference to passing a bill on government spending, which is separate from the tax plans.