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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.
Is this deferment best for everyone?
A new Trump tax cut will have to be paid back early next year. Here's how to handle it.
Those income tax cuts resulted in a 1% to 4% reduction in all but the lowest of the seven tax brackets imposed under the current IRS regime. If Congress does not pass a law to extend the reduction ...
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.
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Its taxation aspects included a payroll tax cut of 2%, health care tax credits, a $400 reduction in income taxes for individuals and improvements to child tax credits and earned income tax credits. To prevent the fiscal cliff in 2013, Obama extended the Bush tax cuts on incomes below $400,000 for individuals and $450,000 for married couples.
The Tax Foundation says the revenue loss would likely exceed $900 billion, while the Committee for a Responsible Budget puts the cost at about $840 billion.On top of the payroll tax cut, Trump has ...
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