Reported 2 days ago
As Trump's 2017 Tax Cuts and Jobs Act is set to expire, upcoming changes in tax legislation could affect many Americans, particularly parents, tipped workers, and electric vehicle drivers. If renewed, the Act could maintain low tax rates and possibly increase the child tax credit. However, if it lapses, over 62% of filers may face a tax increase in 2026. Proposed provisions like eliminating taxes on tips and enhancing the child tax credit could significantly impact various income groups, while tax credits for electric vehicles are at risk of being cut.
Source: YAHOO