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The law, which is set to expire next year, changed the federal tax code in several ways that affect the middle class. “President-elect Trump’s tax plan is designed to provide much-needed ...
Here are three reasons Damsky said eliminating this major tax could hurt the middle class. Inflation Would Soar As noted above, the federal government gets the bulk of its revenue from individual ...
Much has been written about how President-elect Donald Trump's tax policies might affect the rich, the poor and the middle class -- but what about those in the upper middle class who are doing ...
“During Trump’s first term, the Tax Cuts and Jobs Act (TCJA) of 2017 offered limited benefits to middle-income earners and more extensive benefits to the wealthy and corporations.
But when it comes down to it, only time will tell how a Trump win will truly affect middle class taxes. More From GOBankingRates 5 Places in America To Retire That Are Just as Cheap as Mexico ...
The Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018, [2] Pub. L. 115–97 (text), is a congressional revenue act of the United States originally introduced in Congress as the Tax Cuts and Jobs Act (TCJA), [3] [4] that amended the Internal Revenue Code of 1986.
If he were to win an extension of the 2017 tax cuts, it would mean the standard deduction would remain at elevated levels, rather than being rolled back — something that could help the middle class.
[111] [112] It is unclear from the details offered whether a middle-class couple with children would see tax increase or tax decrease. [113] In October 2017 the Republican-controlled Senate and House passed a resolution to provide for $1.5 trillion (~$1.83 trillion in 2023) in deficits over ten years to enable enactment of the Trump tax cut.