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UW-Eau Claire professor and low-income relief advocate examine T - WQOW TV: Eau Claire, WI NEWS18 News ...

Eau Claire (WQOW) - President Trump's tax plan is the talk on Capitol Hill, and its implications are being analyzed across the nation, including in Eau Claire. 

Thomas Kemp, an economic professor at UW-Eau Claire, said the overhaul would bring the biggest changes to your taxes since the Reagan administration.

The plan simplifies the tax code from seven income brackets to four, and if you're single and make less than $25,000, or married and make less than $50,000, you won't have to pay any income tax. However, Jon Peacock, director of the Wisconsin Budget Project, said hold off on the celebration.

"One of the problems is going to be, this plan has a $1.5 trillion dollar price tag," Peacock said. "It would increase the federal deficit by that much over the next ten years, and sooner or later we're going to have to offset that cost through broad tax increases or broad spending cuts."

Trump's administration said they would make up much of that deficit by closing loopholes. The only loophole they've mentioned is the deduction you can take for taxes paid to states and cities.

UW-Eau Claire professor and low-income relief advocate examine Trump's tax plan

Eau Claire (WQOW) - President Trump's tax plan is the talk on Capitol Hill, and its implications are being analyzed across the nation, including in Eau Claire. 

Thomas Kemp, an economic professor at UW-Eau Claire, said the overhaul would bring the biggest changes to your taxes since the Reagan administration.

The plan simplifies the tax code from seven income brackets to four, and if you're single and make less than $25,000, or married and make less than $50,000, you won't have to pay any income tax. However, Jon Peacock, director of the Wisconsin Budget Project, said hold off on the celebration.

"One of the problems is going to be, this plan has a $1.5 trillion dollar price tag," Peacock said. "It would increase the federal deficit by that much over the next ten years, and sooner or later we're going to have to offset that cost through broad tax increases or broad spending cuts."

Trump's administration said they would make up much of that deficit by closing loopholes. The only loophole they've mentioned is the deduction you can take for taxes paid to states and cities.

Cannot pay mortgage have cancer..help?

My brother has been working with the Bank of America since July 2009 to get emergency assistance on his mortgage. He always worked and paid his bills but was diagnosed with bone cancer and cannot move around - so cannot work.