3 TAX CHANGES THAT MAY AFFECT YOU
MEME CORNER different, though both propose tax cuts. While the president has said the proposed tax plan will make the “biggest cuts in the history of the country,” if we account for inflation, it’s the fourth- biggest, according to CNN. A t the end of October, the House of Representatives passed a budget resolution paving the way for tax reform. With reconciliation rules in place, the Senate can now pass the reforms with a simple majority instead of a 60 percent majority. As we write this, the House prepares to vote on their bill, with the Senate soon to follow. There’s a lot to take in, and most of us will be affected in some way. Do you know what changes to expect? The House and Senate bills are slightly
Most citizens will see a small reduction in their taxes, but changes are also happening to the tax brackets themselves. If the reform goes into play, tax brackets will be reduced from seven to four, and the top tax bracket kicks in at $1 million for married couples and $500,000 for all other filing statuses, with a tax rate of 39.6 percent. The other big change would be a 20 percent reduction in the corporate tax rate.This is proposed by both the House and Senate, though the House bill puts
it into place right away, while the Senate wouldn’t implement it until 2019. You’ll also see a change to mortgage interest rates. For the House, the mortgage interest deduction for new homes will be capped at $500,000; the Senate bill proposes no change, leaving the cap at $1 million. Stay tuned for updates in the next newsletter as we cover the latest in tax reform.
EASY HOLIDAY PARTY CHEESE FONDUE
Ingredients
(Recipe inspired by PinchofYum.com.)
Directions • ¾ cup dry white wine • 1 tablespoon cornstarch • 1 (8-ounce) package sliced Swiss cheese • 1 clove garlic • Salt to taste • Foods to dip (apple slices, bread cubes, roasted vegetables, etc.) 1. In a large bowl, whisk together wine and cornstarch. 2. Chop cheese slices into small, uniform pieces. 3. Rub clove of garlic all over the sides and bottom of a heavy-bottomed pot, then discard. 4. Heat wine mixture over medium- low heat in the pot until thick and
bubbling. Add some cheese and slowly whisk. When nearly smooth, add more cheese and whisk gently. Repeat until all cheese is melted. If mixture seems too tight, add 1 tablespoon wine. immediately. Keep pot on low heat to keep the fondue dippable.
5. Season with salt and serve
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