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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.
After weeks of stalled negotiations in Congress, President Donald Trump took it upon himself to issue a series of presidential executive orders, or memorandums, designed to reinvigorate the U.S ...
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.
Signed into law Dec. 22, 2017, the Tax Cuts and Jobs Act (TCJA) -- informally known as the Trump tax cuts -- contained a number of changes to individual tax rates that are set to expire after 2025....
This higher standard deduction is due to expire with the Tax Cuts and Job Act. The standard deduction increased to $27,700 for married couples filing jointly, up from $25,900 in 2022. Single ...
A tax cut represents a decrease in the amount of money taken from taxpayers to go towards government revenue. Tax cuts decrease the revenue of the government and increase the disposable income of taxpayers. Tax cuts usually refer to reductions in the percentage of tax paid on income, goods and services.
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