“A large and beautiful bill” for Trump extends the tax cuts of the Americans from the middle class

Republican lawmakers managed last week to overcome the narrow majority in the House of Representatives and the Senate to pass the Great Grand Law Law – a set of tax and spending reforms, the Trump administration has made priority at the start of the term of the second president.

The draft law dealt with a wide range of tax and spending policies, although its main focus was on the extension of the provisions contained in the 2017 tax discounts and jobs that were appointed at the end of this year, which would have left many taxpayers facing an automatic tax increase.

Among these many provisions that will have a major impact on Middle -class taxpayer.

the A single beautiful invoice work (OBBA) makes low tax brackets with the revised income thresholds that have always been created by TCJA, as they were appointed at the end of this year and return to old prices and old offers.

What is in a “big and beautiful bill” for American workers

Although the slide will retain a 10 % tax rate, the second slide will be 12 % instead of the height to 15 %, which is the third arc 22 % instead of 25 %, and 24 % fourth instead of 28 %, and the fifth horse 32 % instead of 35 % has ended the validity of TCJA.

OBBA performs the standard discount, which has almost doubled under TCJA, always before the expiry of this year. The bill also increases the $ 750 discount for individuals, $ 1500 for married couples, and $ 1125 for the head Standard discount Instead of detailing their discounts.

During the presidential campaign for the past year, Trump pledged to cancel taxes on oblique income and additional work as a way to provide additional relief to the American class.

While the bill does not stop canceling federal income taxes completely on Income And additions, it creates new discounts that provide relief to such workers until 2028, when their validity ends. Muniche workers, such as restaurants, barber and drivers, will be able to deduct up to $ 25,000 in qualified advice, based on the criteria set by the Ministry of Treasury.

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The draft law also creates an income discount on the line in exchange for the additional installment payments of $ 12,500 for clock workers working in additional work.

Another policy that can follow its assets to the Trump 2024 campaign pledges is the deduction of interest Car loans.

OBBA created a discount of up to $ 10,000 for the qualified Passenger vehicle The loan is in a taxable year, although the stages of the taxpayer discount earn more than $ 100,000 (the threshold is $ 200,000 for joint employees).

Catched vehicles will include cars and mini cars, SUVs, capture trucks and motorcycles organized under the clean air law as cars for cars and are subject to final assembly in the United States, and the conclusion will be available in the tax years from 2025 to 2028, and at this point the conclusion stages.

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Retired workers will also benefit from tax exemption, although the bill does not fully fulfill Trump’s invitation to “the lack of a tax on social security.”

OBBA provides a $ 6000 discount for taxpayers between 65 years and over at the top of the standard discount available for all taxpayers. This is in addition to an existing additional discount of $ 2000 for individual candidates and $ 1,600 for each qualified pair for joint candidates between the ages of 65 years and over.

The reward deduction of $ 6000 will be valid and will be valid until 2028 Retired high incomeWith a full discount available for individuals who have an income of $ 75,000 or $ 150,000 for joint candidates. It comes out entirely for individuals who earn more than $ 175,000 and husbands who earn $ 250,000.

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The judgment was placed as an alternative to the proposal to eliminate taxes on Social Security The benefits are directly, instead compensation for some of what they owe based on their income levels.