How the tax cuts for the rich will hurt the poor.
How the $4 trillion in tax cuts will be used to pay for a massive transfer of wealth from the middle class to the top one percent of Americans.
How we’re going to spend it and how the rich are going to be left with less than they could ever have imagined.
It’s a wealth of material for the tax reform industry to chew over for years.
So let’s get to it.
First, the basics.
The Tax CUTs and Jobs Act is the Tax CURE, a $4.4 trillion tax cut bill, signed by President Donald Trump on Friday, April 27, 2019.
The bill will reduce the corporate tax rate to 15 percent from 35 percent, cut the corporate rate from 39.6 percent to 20 percent, and eliminate many of the special interest deductions.
In return, it will also allow individuals to deduct the tax from their taxes.
This deduction will be extended to all taxpayers, including married couples filing jointly, and it will be available to everyone, regardless of income.
It also expands the child tax credit and the child care credit, and provides $500,000 to all families, with a $500 bonus for families with incomes of up to $250,000.
It expands the deduction for mortgage interest and home equity loans, increases the child credit, allows employers to deduct up to 25 percent of their employee’s payroll taxes, and increases the deduction of medical expenses.
It reduces the corporate income tax from 35 to 15% and eliminates the Alternative Minimum Tax.
It repeals the estate tax, which has been on the books since 1913.
The Congressional Budget Office estimated that it would save $1.5 trillion over 10 years.
The legislation eliminates a tax deduction for medical expenses for married couples and widows and increases it to $2,500 for married partners.
It raises the estate and gift tax rates, eliminates the child and dependent care credit for single filers, and reduces the deduction, which is available to individuals and families of all income levels.
It increases the exemption for the individual alternative minimum tax and makes the tax more progressive, so that individuals who make more than $400,000 would pay more than those making $300,000 or less.
It extends the child benefit for childless couples, and allows the deduction on the value of a home, up to the value that a married couple could earn on their combined incomes.
It lowers the top individual tax rate from 35% to 15%.
The bill also includes $4 billion to reduce the tax burden on investment income and $1 billion to expand the child premium.
It doubles the standard deduction for individuals, $12,000 for married singles and $24,000 married couples, to $12.5 million for singles and couples.
The deduction for state and local income tax will expand to $5,000 from $2.5, and the estate deduction for joint filers will increase from $500 to $1 million.
The Senate version of the bill would provide a $1,000 tax credit for those who purchase a home through a mortgage or credit union.
The House version would provide $1 for each $1 of home ownership.
The Republican-led House would repeal the alternative minimum taxes for individuals and married couples making $250 to $500 million and $2 million for those making over $250 million.
This legislation also eliminates the estate income tax.
It will be indexed for inflation, so if the bill increases taxes on high earners, they will get more bang for their buck.
This is the biggest, most important tax cut in decades, according to some estimates.
It includes $250 billion for infrastructure projects.
This will allow for the construction of highways, bridges, tunnels, water and sewage systems, and water treatment plants.
It provides a $100 credit for workers whose employers offer health insurance, including Medicaid and Medicare.
This bill also extends a number of tax benefits to small businesses and their workers.
It creates a new $100 million tax credit to help workers save for retirement and pays for a new tax break for the middle-class that will reduce marginal rates on dividends and capital gains.
It eliminates the deduction that taxpayers pay for child care expenses, which can cost as much as $1 in some states.
The $1 trillion is the largest cut to the deficit since the Great Depression, and President Trump’s goal was to balance the budget in ten years.
As a result, his tax reform bill has been criticized by conservatives as a tax increase.
But, as our colleague Glenn Kessler pointed out in a blog post last week, the tax changes will actually benefit the middle and working classes.
The big winners of the tax overhaul will be the middleclass and the working class, according a report by the Tax Policy Center.
It estimates that middle- and working-class taxpayers will see a $10,000 saving on their taxes in 2025, compared to current law.
This savings is expected to grow to