mark francis
Well-Known Member
- Joined
- Jan 15, 2021
- Messages
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These are not tax cuts for the wealthy but for the poor and middle classes of Americans.
www.theepochtimes.com
Those tax cuts were set to expire after 2025 without congressional action, which could have resulted in higher taxes for more than 60 percent of taxpayers by 2026, according to a 2024 Tax Foundation report. The One Big Beautiful Bill not only preserves those tax reductions but enhances several key provisions.
House Passes ‘Big, Beautiful Bill’; Trump and Putin Speak on Ukraine, Iran | Capitol Report
The standard deduction will increase to $15,750 for single filers and $31,500 for married couples filing jointly. The estate and gift tax exemption rises to $15 million for individuals and $30 million for couples. The child tax credit grows to $2,200 per child starting in 2025, with up to $1,700 refundable, and future increases indexed to inflation.
What Trump’s Big Beautiful Bill Means for Your Wallet
Spanning nearly 1,000 pages, the measure includes permanent tax changes and provisions affecting families, seniors, and businesses.
Tax Cuts
At the heart of the legislation is the permanent extension of the tax cuts first enacted under the Tax Cuts and Jobs Act of 2017 during Trump’s first term. That law reduced marginal tax rates across the board, with most brackets seeing cuts of roughly 2 to 4 percent.Those tax cuts were set to expire after 2025 without congressional action, which could have resulted in higher taxes for more than 60 percent of taxpayers by 2026, according to a 2024 Tax Foundation report. The One Big Beautiful Bill not only preserves those tax reductions but enhances several key provisions.
House Passes ‘Big, Beautiful Bill’; Trump and Putin Speak on Ukraine, Iran | Capitol Report
The standard deduction will increase to $15,750 for single filers and $31,500 for married couples filing jointly. The estate and gift tax exemption rises to $15 million for individuals and $30 million for couples. The child tax credit grows to $2,200 per child starting in 2025, with up to $1,700 refundable, and future increases indexed to inflation.
