Republicans successfully passed President Trump's tax and spending cut bill, totaling almost 900 pages, including $4.5 trillion in tax cuts. The legislation makes existing tax rates permanent and adds temporary deductions for various expenses. Improvements include raising the child tax credit and quadrupling the cap on state and local deductions. Although Democrats opposed the bill, they couldn't stop its passage. The wealthiest households would experience a significant tax benefit, while the poorest could face annual costs due to the legislation.
The legislation contains about $4.5 trillion in tax cuts, ensuring existing tax rates and brackets become permanent and solidifying the tax cuts approved in Trump's first term.
It temporarily adds new tax deductions on tip, overtime, and auto loans, while older adults earning no more than $75,000 would benefit from a $6,000 deduction.
A cap on state and local deductions would quadruple to $40,000 for five years, significantly benefiting high tax states like New York.
The wealthiest households would see a $12,000 increase, while the legislation would cost the poorest people $1,600 a year.
Collection
[
|
...
]