As of the writing of this answer, all Trump’s new tax plan has done has given lower taxes to small business owners and the stinking wealthy of America. Typical American families have seen nothing come to them in terms of tax cuts. However, deductions and caps for said deductions have changed, so be on the lookout for those changes when the filing season comes around.
As the previous answer notes, what remains to be seen is whether this will give the right kind of incentives to those who put Trump in office. They wanted middle class tax cuts, which are reported to be seen on the Senate floor in 2019 with all the upheaval of the elections coming up for the Senate in November.
Trump’ new plan is supposed to lower the taxes that people have to pay from 2019 to 2025. This can be very helpful for people as they will have more money to spare for their everyday needs. Take note, however, that by the time that 2027 comes around, the taxes will begin to rise.
The tax cut is supposed to improve the way of living of ordinary citizens but in the long run, it would give the most benefit to those who are rich – someone like Trump who just has the money to spare. Some experts say that there are no positive long-term goals that will be met in the future but there are also some who are more optimistic about these changes.
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