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For example, the law lowered the 15% tax rate to 12%, nearly doubled the standard deductions, simplified the filing process for many taxpayers, and potentially reduced taxable income for middle ...
The option for taxpayers does not change the amount of their individual tax or refund. Instead, the funds are designated to go to the Presidential Election Campaign Fund instead of the regular pool of the US Treasury. Accordingly, the amount of the money in the fund is determined by how many taxpayers check the box. [3]
For example, in 2019 the average tax rate reduction for the group earning $50,000–$75,000 would be 1.3%, while the reduction for the group earning $1,000,000+ would be 2.3%. [144] The Tax Policy Center (TPC) reported its distributional estimates for the Act on December 18, 2017. This analysis excludes the impact from repealing the ACA ...
Federal income tax refunds have been remarkably consistent over the past decade or so, with average refunds tending to hover between about $2,750 and $2,900 from January through April each year.
In July 2011, an advisor suggested the name "the Optimal tax" for the Cain campaign's tax policy plan. Cain rejected the name, saying, "We're just going to call it what it is: 9–9–9 Plan." [3] The proposal would introduce a 9% personal income tax, 9% federal sales tax, and 9% corporate tax to replace the country's current tax system.
As the U.S. presidential election approaches, tax policy is a critical topic for voters. The candidates' tax plans not only reveal their broader economic ideologies but also provide insight into ...
Douglas Bruce is a conservative activist, former legislator, and convicted felon in the U.S. state of Colorado, most widely known for being the author of Colorado's Taxpayer Bill of Rights (TABOR). A strict advocate for limited government, Bruce wrote and promoted TABOR.
The average deduction-itemizing tax filer in the county reported state and local taxes of $14,083, according to the Tax Foundation — about $4,000 above the Trump-enacted cap on deductions.