Taxpayers are taking a second look at the Taxpayer Cuts and Jobs Act of 2017. Some—but not all—of those provisions are set to expire in 2025. And while some changes are welcome, some—like limits on deductions—aren’t as taxpayer-friendly.
Michael Spangler
3 个月
The only reason US businesses did well under the Biden/Harris term has been these tax cuts. Yes they need to be kept. It would be like taking our economy off the fire and expecting it to still cook. Or turning off the gas and expecting the house to stay warm this winter. We are in a precarious position with over $36 trillion national debt. If we try to cut spending to correct this, we would have to cut many programs to the bone which our citizens would not agree with. If we try to increase taxes, we will be further burdening our taxpayers and driving up the costs for US based businesses which will dampen our economy causing a recession at best. No, our only real choice is to grow our economy while holding spending to cover it and/or increase revenues through tariffs.
Mammut Digital
3 个月
Great advice
If you are an educator in the United States and concerned about potential tax increases or rising costs of living in the near future, consider teaching overseas! U.S. citizens or resident aliens living and working abroad may qualify to exclude up to $120,000 of foreign-earned income from federal tax liability under the Foreign Earned Income Exclusion, provided they meet the residency or physical presence requirements.