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"Tax rates are changing from 2018 through 2025 across the income spectrum. In 2026, the changes will expire and 2017 rates will return, absent further legislation. The individual cuts were not made permanent.28
Here's the reason: Their effect on increasing the budget deficit."
". Also, note that income tax rates will remain through 2025 but qualifying income brackets will be adjusted annually for inflation.31
"The tax bill also changes how tax brackets are increased for inflation. They are now indexed to a slower inflation measure called the Chained Consumer Price Index for All Urban Consumers (CPI-U).2"
"What's Permanent, What Isn't
All the individual changes to the tax code are temporary, including the 20% deduction for pass-through income. Most changes expire after 2025; a few, like the reduced medical-expense threshold, expire sooner. The corporate tax rate cut, international tax rules, and the change to a slower measure of inflation for determining tax brackets are permanent.2"
It links to NYT but I'm not paying for that. This guy only makes claims and I can't get to looking at the legislation yet.
Near the bottom they sourced the NYT, behind a pay wall. I wanna see if they have more info. I'll probably have to wait until I get home to dig.
To read an article behind a pay wall, go to archive.is. Copy the link to the article and paste it in archive.is and it will unlock the article and give you a link to the unlocked article which you can share with others. Easy, fast and free.
Awesome, thanks so much :)
They linked to the NYT which is behind a pay wall.
From Investopedia:
"Tax rates are changing from 2018 through 2025 across the income spectrum. In 2026, the changes will expire and 2017 rates will return, absent further legislation. The individual cuts were not made permanent.28 Here's the reason: Their effect on increasing the budget deficit."
". Also, note that income tax rates will remain through 2025 but qualifying income brackets will be adjusted annually for inflation.31
"The tax bill also changes how tax brackets are increased for inflation. They are now indexed to a slower inflation measure called the Chained Consumer Price Index for All Urban Consumers (CPI-U).2"
"What's Permanent, What Isn't
All the individual changes to the tax code are temporary, including the 20% deduction for pass-through income. Most changes expire after 2025; a few, like the reduced medical-expense threshold, expire sooner. The corporate tax rate cut, international tax rules, and the change to a slower measure of inflation for determining tax brackets are permanent.2"
Thanks so much for the info 👍
It will raise people's taxes when/if CommiePedoJoe reverses it, Shilly.
Most of the TJCA expires by 2026 if congress does not pass added legislation.
Stop calling people shills because they wish to be properly informed.