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Furthermore, several members of Congress do not use a standardized electronic format, instead filing reports that range from vague to indecipherable. [3] As of 2020, over half of the members of Congress were millionaires and the median net worth of members was approximately $1 million. [4]
The TCJA raised the limit on deductions for charitable contributions to 60% of adjusted gross income, up from 50% before the legislation passed. The 50% limit would also be reinstated if Congress ...
Congress initially capped the deduction for both single taxpayers and couples at $10,000 to help pay for former President Donald Trump’s 2017 tax cuts — but some consider the limit a penalty ...
Because any change to the SALT cap benefits only taxpayers who itemize their deductions and pay more than $10,000 in state and local income or sales and property taxes, letting the cap expire ...
4 Members, 118th Congress. 5 Members, 117th Congress. 6 Members, 116th Congress. ... State and local tax deduction; Use tax; Land value tax; State tax levels; Federal ...
These included lowering individual income tax rates, nearly doubling the standard deduction, increasing the child tax credit from $1,000 to $2,000, placing a $10,000 cap on the state and local tax ...
A phase-out of tax deductions and credits for incomes over $250,000 for individuals and $300,000 for couples was reinstated. Limits on deductions had existed before the Bush tax cuts, and had disappeared in 2010. Estate taxes were set at 40% of the value above $5,000,000, an increase from the 2012 rate of 35% of the value over $5,120,000.
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.