Those in ‘Great, Fine Draft’ for American Workers

Republicans in Congress are approaching the last passage of the president Donald Trumps A great beautiful law action of tax policy and spending policy that proves tax policy for employees.

A great beautiful law action Cut the taxes According to a congress budget and analyzing a responsible budget committee, about $ 4.4 trillion and $ 4.4 trillion over the next ten years.

This general ends of this year, the end of this year, the extension of the tax policy ended by Tax Discounts and Business Act (TCJA) (TCJA), the main tax reform package in the first term has signed the law.

This will reduce TCJA’s federal tax revenues about $ 2.2 trillion – expandable standard deduction, use taxpayers will be permanently permanent with $ 1.4 trillion tax revenue if allowed to end these policies.

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Congress often includes a sunset process that determines certain tax provisions to determine certain tax provisions Budget reconciliation the rules.

Includes provisions of a great beautiful law action President Trumps The campaign is “no tax” and work time – is not a short-level basis, the provisions are temporarily under the bill.

A great beautiful law movement, such as type employees generate up to $ 25,000 for qualified tips Restaurant serversBarbershops and drivers. It also provides an above income discount for pre-work premium fees for up to $ 12,500 for employees working hours.

These provisions would be valid until 2028, both will reduce the tax revenues to $ 32 billion and reduce the process of operation compared to the reduction of up to $ 90 billion.

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The joint analysis by the JCT Committee on Taxes (JCT) determined that the Senate bill will reduce the federal taxes for low and medium-income employees.

JCT analysis, federal tax burden in 2027 in 2027, in 2027, in 2027, in 2027, in 2027, in 2027, the tax year will be reduced to these employees.

The income from $ 15,000 to $ 30,000, they saw that they were reduced by 27.1% Federal tax burdenThose from 30,000 to 40,000 dollars be reduced by 9.5%.

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JCT analysis shows that other medium-income taxpayers are in fact, reducing federal tax burden:

• The $ 40,000 income range sees a 7.2% reduction in 2027;
• $ 5.6% reduction of up to $ 50,000 to 50,000;
• Up to 60,000 to $ 80,000 reduce range 4.6%; and
• The $ 80,000 would have reduced 4.4% worth $ 100,000.

Higher income taxpayers will also have flexibility, although the trend of higher income steps during its tax burden will generally continue to JCT.

• Would be a 4.2% reduction from 100,000 to $ 150,000;
• $ 150,000 – $ 200,000 reduced 4.1%;
• It sees a 3.5% reduction from 200,000 to $ 500,000;
• $ 500,000 sees $ 1 million, a decrease of 2.7%; and
• The $ 1 million and the upper 2027 would have reduced by 3.3%.

At the level of income, a large fine bill will reduce the federal taxes on about $ 180 billion or up to 3.8% in 2027.

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In the following years, the temporary provisions of recommendations and work hours, some temporary provisions are smaller than the JCT analysis – a decrease of 1.9% in 2031 and 2033, a decrease of 1.5%.