All articles tagged with #trump tax cuts
The article discusses how the Republican Party, under President Trump's influence, re-engineered the U.S. tax code by blending traditional supply-side economics with populist campaign promises, resulting in a mix of permanent corporate tax cuts, temporary populist measures, and significant cuts to social safety nets, which collectively favor the wealthy and increase economic inequality.
The article discusses the political implications of President Trump's tax cuts, Medicaid policies, and the controversial debt-related issues, highlighting the challenges faced by Republicans in passing a major Senate bill amid mixed reactions from business leaders and political figures.
Senate Republicans are urgently working to pass the 'Big Beautiful Bill,' a comprehensive budget measure crucial for President Trump's agenda, amid internal divisions over welfare cuts and modifications to tax and healthcare policies, with a deadline of July 4th.
The article discusses reasons to reconsider converting a traditional IRA to a Roth IRA, especially in light of potential extensions to the Trump-era tax cuts. It outlines 11 scenarios where a Roth conversion might not be beneficial, such as using IRA funds to pay taxes, having low-income beneficiaries, or planning charitable donations. The piece emphasizes the importance of evaluating personal financial situations and tax implications before proceeding with a conversion.
Despite the reduced likelihood of tax hikes under President-elect Donald Trump, demand for Roth IRA conversions is expected to rise as investors focus on long-term tax planning. Roth conversions, which involve shifting pretax IRA funds to a Roth IRA for tax-free growth, are increasingly popular, especially with the potential expiration of Trump's 2017 tax cuts in 2025. Financial advisors recommend considering Roth conversions in lower-income years to minimize taxes, but emphasize the importance of individual financial situations and comprehensive tax projections.
The newly enacted debt ceiling law suspends the debt limit until Jan. 1, 2025, with an additional few months for the Treasury Department to use “extraordinary measures” to pay the bills. The party that controls Congress and the White House will set the agenda on consequential issues that will shape the next decade of tax, spending and health care policy in the first year of the new term. The new debt limit law also includes a two-year budget agreement that expires in 2025. Enhanced Obamacare subsidies and major parts of the 2017 Republican tax cuts named for former President Donald Trump will likewise expire at the end of 2025.