New taxes are being proposed that could help lower the cost of living, and they’re already being tested in the real world.
But they may not be perfect.
The New York Times explains that the proposals may not work out the way they were envisioned.
The Times reports that the proposal to increase the state’s sales tax from 5.5% to 7.9% could end up saving taxpayers $3 billion over five years, but it’s unclear how many tax dollars that would be worth to the state.
Some argue that the state could still benefit from a small tax increase in the future, but many economists say it’s unlikely to make a significant difference to the budget.
There are a few ways that you could make more money in 2017.
You could try to get an extension for Social Security, which could give you more money to spend, or you could try a different tax plan that doesn’t have to do with the tax code.
The Times explains how to find tax-advantaged savings plans that will work in 2018, and how you could potentially reduce your taxable income.