When Trump’s tax bill becomes law, millions could lose tax credits

When Trump’s tax bill becomes law, millions could lose tax credits

August 29, 2021 Comments Off on When Trump’s tax bill becomes law, millions could lose tax credits By admin

In a major policy reversal, President Donald Trump has signed a $1 trillion tax cut bill into law Thursday, a decision that will likely impact millions of Americans.

The bill passed the Senate Thursday morning after Republican Sen. Bob Corker, of Tennessee, broke ranks to oppose the bill and was forced to resign from his seat in the Senate.

“I have not made a final decision on whether I will vote for the bill or not, but I will be voting against it,” Corker said in a statement after his resignation.

“It is not the policy of this Administration to change tax policy, and I will continue to oppose any attempt to cut taxes for the middle class,” he added.

Trump, who has promised to bring back “the spirit” of the Reagan tax cuts, also reversed his decision to remove an extension of the child tax credit.

Trump had proposed to repeal the credit last year, and Republicans have said they won’t do that again in the new legislation.

Trump’s bill would increase the child credit from $1,000 to $2,000 for married couples earning less than $75,000 a year, raising it to $3,000.

But it would cut the credit by $1 for married filing jointly and by $2 for married individuals filing jointly.

The child tax credits would also be eliminated for families with two children, while families with four children would see the credit reduced by $3.

In addition to the child credits, the bill would allow families to deduct child care expenses up to $4,000 in 2018, and it would give people an additional $2 per child for each adult child under the age of 18, making it easier for families to afford a second child.

The legislation would also eliminate a separate credit for parents with children under the legal age of majority.

Trump had previously said he would not cut taxes in his first year in office.

But Trump’s decision to cut the tax credits and the elimination of the deduction for parents of children under 18 would affect the tax credit that is scheduled to expire in 2027, making the changes more likely to trigger a tax increase in the coming years.

The changes also could trigger a new round of tax reform in 2019.

The House and Senate are working on their own tax bills, and the Senate bill would cut rates and give a major tax cut to the wealthy while also giving a big boost to low-income families.

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