The Republican budget resolution, which among other things would extend the expiring 2017 Tax Cuts and Jobs Act, has sparked concerns over the resulting trillions of dollars in federal revenue loss.
But if the One Big Beautiful Bill Act fails to pass, the average taxpayer will face a 22% tax hike and 91% of American taxpayers will see their guaranteed income deduction slashed by nearly half.
While Democrats have accused Republicans of crafting an overly expensive bill that only benefits the wealthy, most GOP lawmakers have pushed back. The TCJA lowered tax rates for six of the seven tax brackets and left the lowest bracket at 10%.
Unless lawmakers craft separate legislation, tanking the OBBBA will return rates to pre-2017 levels. A family of four making $80,610 annually, the median U.S. income, would see a $1,695 tax increase.
Click this link for the original source of this article.
Author: Marty Kaufmann
This content is courtesy of, and owned and copyrighted by, https://www.offthepress.com and its author. This content is made available by use of the public RSS feed offered by the host site and is used for educational purposes only. If you are the author or represent the host site and would like this content removed now and in the future, please contact USSANews.com using the email address in the Contact page found in the website menu.
