CORPUS CHRISTI (KIII NEWS) - Now that President Donald Trump has had his first major legislative victory with the passage of his tax-cut bill, what does it mean for the average income earner?
In Corpus Christi and Nueces County, it could be a nice chunk of savings.
TAX PLAN CALCULATOR: Find out how much you'll save/owe
"There are a few higher paying jobs in Corpus Christi versus Nueces County," said Monika De La Garza of Workforce Solutions of the Coastal Bend.
De La Garza gave 3News a rundown of the average median income in our area.
"Corpus Christi, it's a little bit higher. It's at $53,000 a year, but you can imagine because of the industry that's here, this is more metropolitan and there are a few higher paying jobs," De La Garza said.
"We're in a very fortunate area," said Bill Clark of TaxPro.
Fortunate, Clark said, because we do not live in a state that taxes our income. So with that in mind, Clark gave us an idea of what we will be facing come 2018.
"What my numbers have shown when I'm running my little test patterns on clients and what have you, is those -- and your asking who could get hurt? -- those I would say in the $50,000 category and below who had high deductibles," Clark said.
Clark said that means more of those deductibles will be going away so more of the income will be taxable for those making around $50,000 a year; but fear not, he said.
"Most of them in that tax bracket weren't paying income tax anyway," Clark said.
With those median income numbers, Clark said the vast majority of Coastal Bend residents do not itemize, so the new tax law is going to help them.
"They're gonna see a lesser number there," Clark said. "Their actual taxable income may not change dramatically. They're doubling up, like I say, on the deductions. The standard deductions. They've eliminated the personal exemptions so it's one of those 'Which is better.' Depends on how many kids you have. You got a lot of kids, it's not going to be as lucrative for you."
Clark said the new tax law change makes up for that by doubling the child tax credits.
In the meantime, if you would like to get a rough idea of how much you'll be saving or paying, you can try out this tax plan calculator.
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