March 2010 April 2010 May 2010 June 2010 July 2010
August 2010
September 2010 October 2010 November 2010 December 2010 January 2011 February 2011 March 2011 April 2011 May 2011 June 2011 July 2011 August 2011 September 2011 October 2011 November 2011 December 2011 January 2012 February 2012 March 2012 April 2012 May 2012 June 2012 July 2012 August 2012 September 2012 October 2012 November 2012 December 2012 January 2013 February 2013 March 2013 April 2013 May 2013 June 2013 July 2013 August 2013 September 2013 October 2013 November 2013 December 2013 January 2014 February 2014 March 2014 April 2014 May 2014 June 2014 July 2014 August 2014 September 2014 October 2014 November 2014 December 2014 January 2015 February 2015 March 2015 April 2015 May 2015 June 2015 July 2015 August 2015 September 2015 October 2015 November 2015 December 2015 January 2016 February 2016 March 2016 April 2016 May 2016 June 2016 July 2016 August 2016 September 2016 October 2016 November 2016 December 2016 January 2017 February 2017 March 2017 April 2017 May 2017 June 2017 July 2017 August 2017 September 2017 October 2017 November 2017 December 2017 January 2018 February 2018 March 2018 April 2018 May 2018 June 2018 July 2018 August 2018 September 2018 October 2018 November 2018 December 2018 January 2019 February 2019 March 2019 April 2019 May 2019 June 2019 July 2019 August 2019 September 2019 October 2019 November 2019 December 2019 January 2020 February 2020 March 2020 April 2020 May 2020 June 2020 July 2020 August 2020 September 2020 October 2020 November 2020 December 2020 January 2021 February 2021 March 2021 April 2021 May 2021 June 2021 July 2021 August 2021 September 2021 October 2021 November 2021 December 2021 January 2022 February 2022 March 2022 April 2022 May 2022 June 2022 July 2022 August 2022 September 2022 October 2022 November 2022 December 2022 January 2023 February 2023 March 2023 April 2023 May 2023 June 2023 July 2023 August 2023 September 2023 October 2023 November 2023 December 2023 January 2024 February 2024 March 2024 April 2024 May 2024 June 2024 July 2024 August 2024 September 2024 October 2024 November 2024 December 2024 January 2025 February 2025
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
19
20
21
22
23
24
25
26
27
28
News Every Day |

Here's how much you'll pay in taxes if Trump's tax cuts get extended or expire

 President-elect Donald Trump's 2017 tax package is set to expire in 2025.
  • Americans face potential tax bill changes as Trump's 2017 tax package is set to expire this year.
  • The 2017 Tax Cuts and Jobs Act lowered rates and shifted brackets for filers.
  • Republicans plan to prioritize tax policy, aiming to extend cuts and reduce other taxes.

Americans could see their tax bill change next year as a legislative battle looms.

Many provisions from President-elect Donald Trump's major tax package from his first term, 2017's Tax Cuts and Jobs Act, are set to expire this year. The legislation lowered tax rates for many Americans and shifted tax brackets. For many everyday Americans, TCJA's expiration would mean the possibility of a larger tax bill — the Tax Foundation estimates that 62% of filers would see a tax increase should TCJA expire.

With the GOP controlling the White House and both houses of Congress, however, it's likely that the bulk of the law will be extended.

"President Trump is committed to lowering the tax burden on the American people who elected him in November with an overwhelming mandate to Make America Wealthy Again," Karoline Leavitt, a Trump-Vance transition spokeswoman, said in a statement to Business Insider. "The Trump Administration will be dedicated to ensuring that American workers keep more of their hard-earned dollars in their pockets while growing the strongest and most resilient economy the world has ever seen."

To determine the potential tax impacts for Americans, we used the Tax Foundation's projections of what tax rates and brackets would be for single filers in 2026 under a TCJA extension and under a TCJA expiration scenario.

TCJA also impacts the deductions that filers can claim on their taxes, but, since those are often determined on an individual basis based on varying circumstances — such as having a child or business — they are not included in these calculations, which cover taxable income after any such deductions and adjustments.

Higher earners would end up with the biggest tax increases if TCJA expires. For instance, an American with $1 million of taxable income would see their tax burden grow by over $12,000 should TCJA provisions expire.

But the tax bills of Americans in the middle income band would see the highest percent increase should TCJA expire. For instance, a filer with $50,000 of taxable income would see their tax burden increase by nearly 20%; comparatively, a filer making $700,000 would see their tax burden grow by just around 2%.

Of course, this doesn't tell the whole tax story. Measures like the Child Tax Credit were expanded under TCJA, meaning that, should the bill expire, parents would owe more or get a smaller refund.

The TCJA also capped how much filers could deduct for paying hefty local taxes. For Americans in high-tax areas, which includes states like New York and New Jersey, the State and Local Tax deduction cap expiring could mean a bigger break on their taxes.

"The change in the tax brackets is only a small part of the story of the TCJA," Ernie Tedeschi, Yale Budget Lab's director of economics, told BI. "Most of the story is actually in the law's changes to deductions, exemptions, and credits."

Republicans are already lining up to tackle tax policy as one of their major priorities once they hold their House, Senate, and White House trifecta. The GOP may go even further than merely extending the TCJA's cuts through proposals from Trump to nix taxes on tips, overtime, and Social Security.

But slim Republican congressional majorities will likely mean that any tax changes could be contentious, although Republicans are gearing up for the fight. Rep. Jason Smith, the chair of the House Ways and Means Committee, said in his weekly report that he's been working closely with Trump on a bill.

"Passing one big, beautiful bill is the best way to ensure as much as possible of President Trump's agenda is enacted," Smith said. "In one fell swoop, we can secure the border, unleash American energy, and deliver tax relief to workers, families, farmers, and small businesses. These are the policies the American people are demanding. Now it's up to Congress to deliver."

Are you concerned about your tax bill changing, or did it change in the wake of 2017? Contact this reporter at jkaplan@businessinsider.com.

Read the original article on Business Insider
Москва

Налоговый вычет за сдачу нормативов ГТО можно получить в 2025 году

Emotional ex-Tottenham star Nabil Bentaleb, 30, scores just four minutes into return after suffering cardiac arrest

Prem star’s brother hasn’t paid penny towards our daughter despite living in six-bed £2.9m mansion, says his furious ex

What Two Hosts of 'SNL' Committed Murder? 'SNL50' Joke Explained

Duarte Dominates Mandueno on DAZN for WBA Continental Super Lightweight Title

Ria.city






Read also

Philippines reports foreign cyber intrusions targeting intelligence data, but no breaches

Tennessee man, self-proclaimed 'serial killer,' sentenced to 261 years in 5 separate murders

Morning Glory: Bravo, House GOP

News, articles, comments, with a minute-by-minute update, now on Today24.pro

News Every Day

Jude Bellingham could have avoided red card for telling ref to ‘f*** off’ if he’d taken Cristiano Ronaldo’s advice

Today24.pro — latest news 24/7. You can add your news instantly now — here


News Every Day

Prem star’s brother hasn’t paid penny towards our daughter despite living in six-bed £2.9m mansion, says his furious ex



Sports today


Новости тенниса
ATP

Сафиуллин заменит дисквалифицированного Синнера на турнире ATP в Дохе



Спорт в России и мире
Москва

ENERGY MOUNTAINS в Сочи: музыка и спорт на высоте



All sports news today





Sports in Russia today

Москва

Семейный клуб «Перово» приглашает на праздничный концерт


Новости России

Game News

YouTuber The Swedish Maker wears a Meta Quest 3 VR headset for his entire woodworking project and miraculously emerges with all fingers intact


Russian.city


Москва

В Дагестане обсудили вопросы организации образовательного процесса для осужденных с применением дистанционных технологий


Губернаторы России
Бизнес

В Башкортостане в рамках проекта «СВОй Женский Бизнес» 50 жен участников СВО прошли бесплатное обучение по построению бизнеса


Отделение СФР по Москве и Московской области выдало более 1,6 миллиона сертификатов на материнский капитал

Мину времен войны, найденную бобрами в Новой Москве, увезли с места происшествия

Владимир Кузьмин поздравит женщин с 8 марта большим весенним концертом

Экосистема «Мир LECAR» упрощает жизнь автовладельцев


Спасибо за теплый прием: В Туле с аншлагом прошел благотворительный концерт «Культура в помощь Донбассу»

Хиты рок-группы Nirvana исполнит в Нижнем Новгороде оркестр Hard Rock Orchestra

Оркестр Управления Росгвардии по Тульской области победил в международном фестивале «Афганский ветер»

В Беларуси открыли экоферму по выращиванию креветок. Их растят под Моцарта


Рыбакина узнала свое место в мировом рейтинге после разгрома

Кафельников призвал теннисистов бойкотировать матчи с Синнером

Теннисист Медведев: надеюсь, теперь каждый может договориться с WADA, как Синнер

Неожиданный вылет Медведева, США обыграли Канаду на турнире НХЛ. Главное к утру



В Екатеринбурге наградили юных звезд на благотворительном фестивале «Добрая волна»

В Подмосковье сотрудники Росгвардии почтили память россиян, исполнявших служебный долг за пределами Отечества

5,8 тыс. семей Московского региона направлены выплаты из материнского капитала

В Екатеринбурге наградили юных звезд на благотворительном фестивале «Добрая волна»


В Севастополе офицеры посетили торжественное мероприятие, посвященное годовщине вывода советских войск из Афганистана

L’Opinion: ошибка Макрона обернулась выгодой для России

Экс-директор «Краснодара» о трансферных тратах «Зенита»: «Цифры пугают. Один футболист — бюджет трех команд РПЛ»

Спасибо за теплый прием: В Туле с аншлагом прошел благотворительный концерт «Культура в помощь Донбассу»


Аффилированный с Сергеем Курихиным застройщик "Сарград" переехал в Москву

Нападал на сына и избивал жену: мужчина из Алжира три года преследует москвичку

На границе в Койдула пограничники задержали грузовик с контрабандными сигаретами

Полиция задержала москвича, создавшего лабораторию по производству амфетамина



Путин в России и мире






Персональные новости Russian.city
Концерт

Концерт Лолиты Милявской отменили в Ульяновске



News Every Day

Duarte Dominates Mandueno on DAZN for WBA Continental Super Lightweight Title




Friends of Today24

Музыкальные новости

Персональные новости