As 2017 comes to a close, President-elect Trump and the incoming Republican Congress are gearing up to tackle a monumental task – the 2017 Trump tax cuts set to expire. This impending decision carries significant weight, as it has the potential to either exacerbate our already precarious fiscal situation or burden the majority of taxpayers with an immediate tax hike. The debate is already heating up among lawmakers, with discussions revolving around various tax code provisions like Section 199A, SALT, GILTI, CTC, and many more. The complexity of these matters is evident, leaving many taxpayers feeling overwhelmed and underinformed.
Here are some key points to consider:
- A full extension of the tax law would come at a staggering multi-trillion-dollar cost, adding strain to our unsustainable fiscal crisis.
- Allowing the law to lapse would lead to a tax hike affecting 62 percent of taxpayers from January 1, 2026.
- A recent poll by the Tax Foundation and Public Policy Polling revealed that over half of taxpayers lack basic tax literacy, irrespective of their educational background, income level, or political beliefs.
The intricacies of our tax system can be daunting and bewildering, but it is crucial for taxpayers to stay informed and engaged in the ongoing discussions surrounding tax policies. By subscribing to updates from reliable experts, you can gain valuable insights into the tax policies directly impacting you and your financial well-being. Let’s equip ourselves with knowledge and act conscientiously to navigate the complex landscape of taxation.
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