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New tax plan helps virtually all Nevadans, financial experts say

Posted at 5:57 PM, Dec 20, 2017
and last updated 2017-12-20 20:57:05-05

President Donald Trump and the Republicans scored a victory Wednesday with the passage of a major overhaul of our country's tax code.

Here in Nevada, financial experts say the reforms benefit affluent people more than people with moderate incomes, but "there's something in it for everyone."

According to CNN, a household with two children that makes $50,000 in income could see after-tax income increase $3,000.

Mike PeQueen, a managing director for wealth management firm HighTower Advisors, says even low-income families could benefit by several hundred dollars.

"They can afford more things. They'll feel that," he said. "The city will do better because of that. People around the country are going to feel the same thing so it might mean there are more people traveling to Las Vegas if they feel their paychecks are a little healthier."

PeQueen says states with high income taxes will be hurt by the new bill.

In California, that adds to the already steep cost of living, a contributing factor to David Tulanian's move to Las Vegas.

Tulanian arrived in September and now estimates he'll save a few thousand more dollars with the tax cuts.

PeQueen says Nevada's financial appeal makes it plausible for more people to move from California to Las Vegas like Tulanian did.

The cuts are scheduled to expire in 2025 when Congress will have the option to extend them.