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(The Center Square) – Homeschool groups have concerns about President-elect Donald Trump’s proposed tax credit as Illinois lawmakers look at regulating the practice. Trump, in a video posted ...
“If you make less than $100,000, Trump is about to raise your taxes,” the ad says. “Currently, you’re taxed at 10% and then 12%. He would raise that to a flat rate of 15%.”
During his 2024 presidential campaign, President-elect Donald Trump suggested that he is considering instituting a policy of tariffs that would lead to the elimination of the federal income tax.
The bottom line is that even if Trump’s tariffs are enacted, they stand essentially no chance of raising enough revenue to eliminate income taxes. Stephan cites data from 2022, when tariffs ...
As reported by CNBC, in 2017, Trump launched the Tax Cuts and Jobs Act (TCJA), which created “lower tax brackets, higher standard deductions, a more generous child tax credit and bigger estate ...
They noted that in 2023, imported goods, which are subject to tariffs, amounted to $3.1 trillion, whereas taxable income in the U.S. exceeded $20 trillion — allowing the government to raise ...
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Paying income taxes might not be your favorite thing, but they serve a purpose. ... “If Trump eliminates income taxes, ... This marks a 4.8% year-over-year increase from May 2023 and a 25.9% ...