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Rev & Tax reviewing impacts of Trump's overhaul legislation

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Now that President Donald Trump has signed off on a massive tax overhaul bill, the Department of Revenue & Taxation is making checks to see how this will directly impact the territory.

The new tax law signed off by President Trump now has Rev and Tax director John Camacho and his team crunching the numbers trying to find out potential revenue losses as a result.  Camacho said, "We are doing an analysis of the impact now that it's a law. It's something we are looking at and trying to quantify those numbers."

The bill is a one and a half trillion dollar tax overhaul. Trump signed it just before Christmas, with the president saying, "It's going to be a tremendous thing for the American people, it's going to be fantastic for the economy, and I consider this very much a bill for the middle class and a bill for jobs."

A solid majority of Americans will see their taxes drop - but most of the personal cuts are scheduled to expire in 2025 while the corporate cuts are permanent. Camacho says they will now have to come up with a plan once they get a better idea of just how this will directly impact the island.

"When you have a 35 percent higher rate on corporations and now the law says 21 percent so definitely you are going to see a decrease in the corporate tax and also with the individuals there are a lot of benefits and also the individuals although they maintain a seven tier tax rate but the rates have gone down in some of those tiers so in other words you are going to get less revenues based on those tax rates and all those benefits that are doubling the child credit. And also basically doubling the standard deductions and all those other benefits that come into play with this tax reform," he shared.

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