If the TCJA becomes permanent, individuals earning more than $500,000 would be taxed at a top rate of 37%. If it expires, those making over $426,700 would be taxed at 39.6%.
The TCJA increased the individual tax deduction to $12,400 for individuals and $24,800 for joint filers. If it expires, these deductions would revert back to $6,200 and $12,400 respectively.
Trump wants to lower the corporate tax rate from 21% to 20%, potentially placing the U.S. among the countries with the lowest corporate tax burdens globally.
If re-elected, Trump's tax policy could significantly impact individuals and businesses, with specific focus on making the TCJA permanent and driving an economy perspective on tax benefits.
[
Collection
]
[
|
...
]