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However, some bills may be reduced with the Trump administration,along with other economic changes.
The law that brought several tax breaks for Americans is scheduled to sunset at the end of 2025.
This would mean taxes will revert to the higher levels.
However, with Trump taking office, hell probably extend the TCJA with Congress approval.
Extending Trumps TCJA will save you money on your tax bill.
One particular saving in the TCJA is the expansion of the child tax credit.
Before 2018, parents got a tax credit of $1,000 per child.
The TCJA increased that credit to $2,000.
Trump vowed to eliminate federal taxes on Social Security benefits, tips and overtime pay on his campaign trail.
This would save considerable amounts on tax bills for retirees and workers.
Energy
Trump has been very vocal about his plan to increase oil and gas production.
He vowed to cut energy costs by half within a year of being in office.
Astin also thinks that some bills may increase with Trump as president.
If he implements the tariffs hes promised, that could cause a price increase for many consumer goods.
It could also cause interest rates to rise again in response to that inflation.
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