How Proposed Tax Reforms Could Impact Your Finances
The President’s Budget proposes changing the tax code by eliminating deductions and credits that disproportionately benefit the wealthy, as well as adding new taxes and closing loopholes in its proposed changes to it. These policies, combined with the planned expiration of Tax Cuts and Jobs Act provisions in 2025, would create a fairer system and require more from households and profitable corporations alike. 1. The President’s Budget The President’s Budget provides an outline of the Administration’s fiscal policy proposals for the coming decade, aimed at reducing deficits and debt held…
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