Fresno accountant says majority would get a break with new GOP tax plan

Fresno accountant says majority would get a break with new GOP tax plan

FRESNO, Calif. - Fresno accountant, Bassim Michael said most people would get a break under the new GOP tax plan. 

"From what we've seen, we think it's probably going to benefit a larger segment of the economy and society," said Michael, with Michael & Company CPA.

If the plan becomes law, then how much would you save? It varies depending on your marital status, whether you have kids, and how much money you make.

"It doubes the standard deduction for single individuals as well, but I think families with children will probably see the largest benefit," said Michael.

For instance, the deduction for married couples doubles to $24,000. It increases child tax credit to $2,000 per child.

Polls show the bill is opposed by more than half of the American people. But, Michael Cycon supports it. "Mainly corporations, it'll lower their tax rate, increase jobs, and bring more business to the United States," said Cycon who is a Clovis resident. 

Barbara Espinosa hopes it would help folks like her. "I'm hoping it'll do something for me as a middle class person. Every year, it's affected me outrageously," said Barbara Espinosa.

Michael says the new tax plan really benefits corporations. "It's definitely intended for companies who hire people... manufacturing, builders, these are the types of companies that will benefit by that new tax rate," said Michael.

The house will vote on the bill Wednesday.

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