This Tax Day Ushers in New Era of 'Winning' for Americans

This Tax Day Ushers in New Era of 'Winning' for Americans

This Tax Day Ushers in New Era of 'Winning' for Americans

So while American taxpayers are seeing news reports of better than expected earnings for big banks, thanks in part to lower corporate tax rates, most won't see a tax cut of their own until they file their 2018 taxes in a year.

"We not only started the day busy, but we're planning on ending the day busy here at Liberty Tax".

That's because in June or July, GOP lawmakers, working with President Donald Trump, are eyeing a second round of tax cuts that would likely make permanent a number of provisions that are set to expire in less than a decade.

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That change gives corporations, which typically pay their taxes every quarter, a more immediate indication of the tax law's benefit than individual and joint filers, who usually pay their taxes at the end of the year.

Trump acknowledged the inherent dread Tax Day brings to individuals and small business owners alike but contended that his administration is "changing Tax Day for Americans across the country".

"On this Tax Day, America is strong and roaring back".

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"Most importantly, this means more money on the people's pockets, not Washington's pockets. This law is already making a difference for thousands of Mississippians and our overall economy", Hyde-Smith said. American Airlines and other corporations have offered US -based employees bonuses.

The possible addendum to the massive, $1.5 trillion cuts included in the 2017 tax overhaul that Trump signed in December is still in the early stages, the White House has said.

In addition to reforming the federal tax code, the Tax Cuts and Jobs Act includes a series of business initiatives to support small business and encourage job creation. "The bottom 60 percent will get a tax cut of $440-about a dollar a day".

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The bill also almost doubled the standard deduction from $6,350 for single filers and $12,700 for married couples; increased the child tax credit to $2,000; and allowed taxpayers to take a property tax deduction in addition to deducting either income or sales taxes up to a total of $10,000, among several other things.

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