President Donald Trump says his freshly-signed tax overhaul provides historic relief for American people, particularly for families. Tax payers in San Antonio are looking at how the plan could impact them in 2018.
"It's going to be a tremendous thing for the American people,” said President Trump as he prepared to sign what's known as the Tax Cut Bill on Friday. “It's going to be fantastic for the economy."
Tax payers are expected to see a change in their returns when they file 2018 documents.
"Not all that great in some ways,” San Antonio resident Carlos Hernandez said. “Then again, it's a matter of just wait and see. That's the way I look at it. [We'll] see if there is going to be a difference in what [Trump is] talking about and what's implemented."
Hernandez says that he'll be patient for his 2018 tax return to see how President Trump's promises stack up. One thing he's happy to see included in the bill is the child tax credit. Under the plan, parents should receive more money back for their dependents.
“I used to struggle, I struggled quite a bit. I had a family and I feel for those that have that responsibility on their shoulders,” Hernandez said. “I hope very much so that it will help them.”
Sharing in that thought is Shamrez Ali. He's lived in San Antonio for about 17 years. He admits that keeping up with the tax overhaul headlines has not been his first priority this holiday season. It only took him a few minutes to find out how the plan will impact his money.
"Looks like I'm going to save quite a bit of money with the tax reform bill," Ali said.
The one Ali used was created by journalist and talk show writer, Maxim Lott. It shows that Ali will most likely see a tax break to the tune of $3,000.
He encourages his San Antonio neighbors of all political beliefs, to at least look at how the bill could change tax rates for their family.