Reported 2 days ago
The Congressional Budget Office (CBO) has reported that Trump's tax plan could cost low-income Americans approximately $1,600 each year while providing significant benefits to wealthier taxpayers. As the Senate debates the bill that includes maintaining current income tax rates, eliminating taxes on tips and overtime, and expanding the state and local tax deduction cap, concerns arise over funding cuts to essential programs like Medicaid. With potential legislative changes looming, the final outcome of the tax provisions and their impacts on different income groups remains uncertain.
Source: YAHOO