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Enjoy your tax cuts while they last

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Posted on March 25 2021

From CNN Money, December 20, 2017

First, the good news.

A lot of households under the GOP tax plan, which President Trump is set to sign into law this week, will see a lower tax bill in the next several years.

The nonpartisan Joint Committee on Taxation estimates that in 2019, more than half of filers making $40,000 and up will see an average tax cut greater than $500. That trend holds for income groups over $50,000 in the subsequent years measured through 2025.

The Tax Institute at H&R Block provided some scenarios of people with young children, for instance, who could see their tax burden drop by roughly $2,000 or more next year.


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