The 4 Most Important Takeaways From Trump's Proposed IRS Overhaul
The Trump administration recently released its tax and spending bill, titled "The One, Big, Beautiful Bill."Of course, the most significant part of the tax plan is to make the tax cuts enacted during Trump's first term permanent. These provisions, such as the higher standard deduction and generally lower marginal tax rates, went into effect in 2018 thanks to the Tax Cuts and Jobs Act (TCJA) but were set to expire after 2025.However, the new tax bill does much more than simply extend the existing tax cuts. In fact, according to the House Ways and Means Committee, the average taxpayer would see a $1,300 tax reduction as a result of the changes the legislation contains. With that in mind, while this isn't meant to be an exhaustive list, here are some of the most significant changes the Trump administration is proposing.Continue reading
The Trump administration recently released its tax and spending bill, titled "The One, Big, Beautiful Bill."
Of course, the most significant part of the tax plan is to make the tax cuts enacted during Trump's first term permanent. These provisions, such as the higher standard deduction and generally lower marginal tax rates, went into effect in 2018 thanks to the Tax Cuts and Jobs Act (TCJA) but were set to expire after 2025.
However, the new tax bill does much more than simply extend the existing tax cuts. In fact, according to the House Ways and Means Committee, the average taxpayer would see a $1,300 tax reduction as a result of the changes the legislation contains. With that in mind, while this isn't meant to be an exhaustive list, here are some of the most significant changes the Trump administration is proposing.
