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These were classified as households with a medianincomeof $106,100 for a three-person household.
The act introduced significant changes to the tax code forindividuals, corporations and estate tax rates.
The Tax Cuts and Jobs Act increased tax deductions and eliminated several previous deductions.
This could affect how much money taxpayers receive back for their taxes.
Trump has consistently advocated for tax reforms that reduce the burden on middle-income households.
Deregulation
Trump has made it clear that he doesnt like government regulations.
Deregulation can have both positive and negative effects on the middle class.
Another promising aspect is the emphasis on deregulation, which is aimed at stimulating economic growth, Shirshikov said.
For the middle class, this could translate into more employment opportunities and better-paying jobs.
Cheaper Gas and Electricity Prices
Trump is known to be a proponent of domestic fossil fuel production.
He has been vocal that he plans to offer tax breaks foroil, gas and coal producers.
This increase in fossil fuel production should mean lower prices for gas and electricity in the United States.
Middle-class Americans would benefit from saving money at the gas pump and on their monthly utility bills.
While the president does not directly control interest rates, the administrations fiscal policy can influenceinflation and economic growth.
He has a track record of doing this during his first term.
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