Republican Tax Plan expands Trump’s tax deductions and ‘escaped’ millionaires | The economy

Donald Trump’s tax deductions expand Donald Trump’s tax deductions beyond December 31 – preventing tax growth and adding some new ideas, including Tips, overtime payment and social security benefits. The maximum tax rate is at 37%after the President’s affordable with the highest level for millionaires.

The initial version released on Friday will reduce the IRS to 9 4.9 trillion. But Republicans are expected to reach the target of more than 4.5 trillion from $ 4 trillion, so today’s additions must collect more money by eliminating tax incentives and other changes.

Here are some highlights of the proposal released on Monday:

Credit for the purchase of new electric vehicles ends on December 31, except for manufacturers who have sold less than 200,000 vehicles. Credits for commercial and used EVs end after 2025. Credits for renewable fuel production or investment will be reduced by 2029 and will be removed after 2031. The bill has new restrictions for the sale of tax credits, limiting the increased market from the inflation reduction law in 2022. The plan provides exemption from tipping and overtime tax, which begins in 2025 and ends after 2028. The reduction of tips has been written so that people who work as independent service organizations can claim it. In addition, the Republicans did not propose tax growth, and in the rumors, the limit to the capacity of their state and local taxes.