19 Ways Congressional Tax Action (or Inaction) Could Hit Your Wallet 19 Ways Congressional Tax Action (or Inaction) Could Hit Your Wallet
The New York Times
Brackets may change. The standard deduction could fall. And President Trump will probably not remove taxes on Social Security income.
At the end of February, the House of Representatives passed a budget calling for up to $4.5 trillion in tax cuts over 10 years.
Now, the haggling begins.
Many of the tax cuts from the 2017 tax bill, which passed during President Trump’s first term, are set to expire at the end of this year. He wants them renewed, and Congress has shown little appetite for crossing him.
Extending those provisions would eat up most of that $4.5 trillion, and on the campaign trail, Mr. Trump floated many additional ideas for tax cuts that would cost a lot of money. Few are likely to come to pass.
Still, strange things happen to tax bills in the dead of night. You never know what changes aides could make in the hours before a vote, without much of Congress seeing them.
These are the things to watch for.
