President Trump's tax bill has passed the House and is moving to the Senate, promising various impacts on American finances. Service workers may benefit from the elimination of specific taxes, while parents could see an increase in the child tax credit. In contrast, those with student debt may face restricted repayment options. Environmental efforts could be hampered by the removal of tax credits for electric vehicles and solar energy installations. Additionally, work requirements for Medicaid and SNAP beneficiaries would rise, affecting a wide segment of vulnerable populations.
The tax bill passed the House and is now headed to the Senate, potentially impacting American finances significantly depending on individuals' situations.
Service workers stand to benefit from the elimination of taxes on tips and overtime, which could increase their take-home pay.
The current child tax credit is set to rise from $2,000 to $2,500, extending financial relief to parents through 2028.
With the SALT deduction cap rising from $10,000 to $40,000, residents in high-tax states could see an increase in tax benefits.
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