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The Republican-passed tax-cut bill passed of 2017 capped the individual deductions for mortgage interest and state and local tax payments to help pay for business tax cuts.
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.
The House accomplished something unusual Wednesday in passing with broad, bipartisan support a roughly $79 billion tax cut package that would enhance the child tax credit for millions of lower ...
The top marginal tax rate on income of 39.6%, provided for under the expiration of the 2001 portion of the Bush tax cuts, was retained. This was an increase from the 2003–2012 rate of 35%. [3] The top marginal tax rate on long-term capital gains of 20%, provided for under the expiration of the 2003 portion of the Bush tax cuts, was retained.
The 2017 Tax Cuts and Jobs Act (TCJA) made huge permanent cuts to corporate and business taxes while making temporary cuts to individual taxes to limit the bill’s expansionary effects on the ...
This bill was sponsored by Representative Dave Camp of Michigan on December 9, 2011, at which time it was called the Temporary Payroll Tax Cut Continuation Act of 2011. . The original bill passed the House 234-193 on December 13, 2011, and the Senate unanimously on December 17, 20
The bill is funded largely by changes to another Covid year tax break for business. It passed the House January 31 with strong bipartisan support. The Senate plans to take it up next.
In 2022, the Mississippi Legislature passed House Bill 531, the largest personal income tax cut in state history. That cut began being phased in July 1, 2022, lowering individual income taxes from ...