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Biggest Winners and Losers in Trump's New Tax Plan

'...Some of the changes in the new tax law may be beneficial for some households, while others are barred from accessing key tax breaks.

Here’s a breakdown of which taxpayers stand to benefit — and which could pay more ...folks earning up to $53,000 a year could lose $65 on average by 2033 under the newly enacted ‘big beautiful bill.’ ...The bill temporarily raises the cap on the state and local tax (SALT) deduction from $10,000 to $40,000 annually for folks with incomes up to $500,000. The SALT deduction allows taxpayers who itemize to subtract certain state and local taxes from their federal taxable income. This can help you reduce your property tax, income tax, and sales tax burden. ... If you earn $96,000 per year, Trump’s new tax cuts and spending legislation will put more money into your pocket.'

Reference: www.kiplinger.com
Tags: Don't Worry if you are Wealthy - The Working Class Will Continue to Support You With Huge Tax Breaks,

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