(WJBK) - Taxes was one of the many issues our presidential candidates differed on.
Now that Donald Trump is president-elect, many are wondering what his tax plan means for them. Leon Lebrecque from LJPR Financial joins us on The Nine to break it down for us.
Lebrecque tells us his plan is for less income-based brackets, lower taxes and a simpler tax code.
"In the simplest sense, it's going to be an easier tax bill," Lebrecque says. "The first thing is, everybody gets somewhat of a tax cut. The second thing that's big is, we're going to get rid of a lot of deductions in this new tax plan if it goes through. If it goes through, you'll see the standard deduction get a lot larger; so you'll see a lot of people pay no taxes; and you'll see the itemized deductions pretty much go away except for mortgage interest and charity."
Lebrecque says the standard deduction is at about $13,600 and that it would go up to $50,000 for a married couple and $25,000 for a single person.
"Regular folks in middle income would pay a lot less tax, if any tax at all," Lebrecque says.
Lebrecque says you'd be able to deduct child care from your income as well under Trump's plan.
The downfall, Lebrecque says -- who pays for this?
"It's a gigantic tax cut and a gigantic burden on the budget," Lebrecque says.
Lebrecque says we could see changes taking place next year, given that we have a Republican House and Senate.
You can hear more about Trump's tax plan and what it would mean for the economy by watching Lebrecque's interview in the video player above.
For more information on LJPR Financial, visit www.ljpr.com.