Experts Warn Federal Tax Law Will Help Now; Hurt in the Future - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

Experts Warn Federal Tax Law Will Help Now; Hurt in the Future

Posted: Feb 05, 2018 7:05 PM Updated:

CAMBRIDGE, Md. - General Manager Toby Donovan was busy checking inventory inside RAR Brewing in Cambridge on Monday, managing customer orders and managing money too.

Donovan, along with 90 percent of American workers, will now see more money come their way thanks to the new federal tax law.

Donovan has no complaints.

"I'm engaged so maybe I can put it towards the wedding and make that everything that my fiance has dreamed of," Donovan said.

Appearing in front of a crowd in Cincinatti on Monday, President Donald Trump made sure to let people know just how much they'd benefit.

But with people like Donovan busy cashing in on the new law, tax experts like Ted Brooks are cautious.

"It's hard to say exactly how this is going to play. We've got a tremendous amount of debt outstanding at this point," Brooks said.

Brooks also says the federal tax law will help individuals for now, but will add another $1.5 trillion to the federal deficit.

That could mean less money for things like infrastructure and more money leading to inflation.

Brooks says that may spell trouble in the future.

"It's a nationwide problem and that's one of the things that concerns me down the road," Brooks said.

Those are concerns Donovan says he'll worry about later. For now, he'll take the money and run.

"I think everyone's just happy to be in the short term and have a little bit of extra cash in their pocket," Donovan said.

 

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