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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 ...
According to the ITEP, Trump has proposed tax policy changes that, on average, would give a tax cut to the richest 5% of Americans and a tax increase for all other income groups — including even ...
“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.
“Assessing the Trump administration’s tax cuts from an economic standpoint is crucial when considering the middle class in key states,” said Hector Castaneda, CPA, principal at Castaneda CPA ...
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.
[109] [110] It is unclear from the details offered whether a middle-class couple with children would see tax increase or tax decrease. [111] 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.
The president is wrong, though, to insist he won’t raise taxes on individuals earning under $400,000 a year ($450,000 for couples), as though that income level defined the middle class.
Harris wants to focus the cuts for working and middle class Americans such as by extending the Child Tax Credit and cutting taxes on tips. [300] She wants to raise taxes on Americans making more than $400,000 such as through capital gains and tightening the estate tax as well as raising the corporate tax rate half of the way up to its pre-2017 ...