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However, the wealthier you are, the more tax benefits you will probably enjoy under Trumps second term.
Overall, the outlook for middle- and lower-income taxpayers is less optimistic with Trump in office.
He has floated the idea of more narrow tax breaks for targeted groups of lower-income Americans.
The Department of Commerce now has systems in place to process and collect revenue from the imposed tariffs.
Caitlyn Moorhead contributed to the reporting for this article.
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