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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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Taxes on Unrealized Gains | Ron DeSantis slams property taxes in America — he compares it to paying annual taxes on your TV from Best Buy

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Ron DeSantis slams property taxes in America — he compares it to paying annual taxes on your TV from Best Buy

'“You should own your property free and clear,” DeSantis said at a recent roundtable in Jacksonville. “I think to say that someone that's been in their house for 35 years just has to keep ponying up money — you don't own your home, if that's the case.”...'

Reference: moneywise.com
Tags: Taxes on Unrealized Gains, County and State Property Taxes,

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Social Security's 2026 Cost-of-Living Adjustment (COLA) Is Likely to Be Bad News for Retirees

'...The Senior Citizen League estimates Social Security benefits will receive a 2.6% cost-of-living adjustment (COLA) in 2026. Social Security's COLAs are based on CPI-W inflation, which is problematic because the CPI-W does not account for the spending habits of seniors. ...Social Security benefits have lost 20% of their purchasing power since 2010 because COLAs have failed to keep pace with inflation ...'

Reference: www.fool.com
Tags: CPI-W and the Destruction of Retirees, Erosion of Social Security, Destruction of Retirees, COLA 2026,

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