These are the winners and losers of the Trump tax cuts.
Under the old law, taxpayers with higher incomes were subject to something known as the alternative minimum tax.
You would then look at your liabilities under the ordinary rules and the AMT and pay whichever tax was the highest. The AMT tweak is forecast to reduce the number of people paying the AMT to 200,000 per year through 2025 – which is when this change will expire — compared to 5 million in 2017, prior to the tax overhaul, the"Under today's laws, it's highly unlikely you'll be in the AMT, said Jeffrey Levine, CPA and CEO of BluePrint Wealth Alliance in Garden City, New York.
Under the old law, the child tax credit began to phase out at $75,000 of adjusted gross income for single taxpayers .
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Trump visits a big foreign market — for the U.S. and for Trump OrgPresident Trump’s trip to India on Monday will create attention that could help Trump-branded properties amid the country’s slumping real estate market and slowing economy
Read more »
Trump Berated Intelligence Chief Over Report Russia Wants Him Re-ElectedThe president rebuked his acting director of national intelligence, Joseph Maguire, earlier this month after learning that an election-security official briefed House lawmakers about Moscow’s apparent desire that he win a second term.
Read more »
Trump Reportedly Fumed At Intelligence Chief Over Briefing About Russian Meddling In 2020 ElectionThe president was particularly angry that Rep. Adam Schiff was at the briefing, the New York Times reported.
Read more »
Donald Trump Attacks Oscars For Giving Best Picture To “Parasite”President Donald Trump mocked the Academy Awards for giving its best picture Oscar to Parasite, telling a rally crowd that he thought it should have only been best foreign language film. “And…
Read more »
Trump Is Mad Russia Is Interfering in the 2020 Election on His Behalf: ReportFearing that Democrats would “weaponize” the information, Trump berated the intel head responsible for informing lawmakers of the interference.
Read more »
Trump Mocks ‘Parasite’ Best Picture Win: ‘What the Hell Was That All About?’President Donald Trump took aim at “Parasite’s” historic Oscar wins at a Colorado rally on Thursday. “How bad were the Academy Awards this year?” he asked, prompting j…
Read more »