Summary

Article Metadata

Trump's Tax Cuts End 2024

This is a news story, published by MSN, that relates primarily to Donald Trump news.

Donald Trump news

For more Donald Trump news, you can click here:

more Donald Trump news

News about Us federal policies

For more Us federal policies news, you can click here:

more Us federal policies news

MSN news

For more news from MSN, you can click here:

more news from MSN

About the Otherweb

Otherweb, Inc is a public benefit corporation, dedicated to improving the quality of news people consume. We are non-partisan, junk-free, and ad-free. We use artificial intelligence (AI) to remove junk from your news feed, and allow you to select the best politics news, business news, entertainment news, and much more. If you like this article about Us federal policies, you might also like this article about

Trump tax cuts

. We are dedicated to bringing you the highest-quality news, junk-free and ad-free, about your favorite topics. Please come every day to read the latest new tax cuts news, Tax Cuts news, news about Us federal policies, and other high-quality news about any topic that interests you. We are working hard to create the best news aggregator on the web, and to put you in control of your news feed - whether you choose to read the latest news through our website, our news app, or our daily newsletter - all free!

tax cuts Donald Trump

Alternet.org

•

Trump’s expiring 2017 tax cuts made income inequality worse and especially hurt Black Americans: study

Summary

Nutrition label

82% Informative

The Tax Cuts and Jobs Act, a set of tax cuts signed into law during his first term as president, will expire on Dec. 31, 2024 .

Donald Trump promised middle-class benefits at the time, but in practice more than 80% of the cuts went to corporations, tax partnerships and high-net-worth individuals.

David Rothkopf : Trump ’s tax cuts also increased income and wealth disparities by race because those corporate tax savings have gone primarily to wealthy shareholders.

Trump tax cuts hurt low-income taxpayers of all races by abolishing the individual mandate requiring all Americans to have health insurance.

The rate of uninsured Black Americans rose from 10.7% in 2016 to 11.5% in 2018 , following the mandate’s repeal.

The tax cuts also altered how the IRS calculates inflation adjustments for over 60 different provisions.

VR Score

Informative language

Neutral language

Article tone

formal

Language

English

Language complexity

Offensive language

not offensive

Hate speech

not hateful

Attention-grabbing headline

not detected

Known propaganda techniques

not detected

Time-value

short-lived

External references

https://www.econ.berkeley.edu/sites/default/files/AHN_YeJin_Spring%25202022.pdf https://www.investopedia.com/terms/r/realincome.asp https://www.cbpp.org/research/federal-tax/after-decades-of-costly-regressive-and-ineffective-tax-cuts-a-new-course-is https://www.nytimes.com/2024/10/17/us/politics/trump-tax-cuts.html https://www.chicagotribune.com/2002/10/05/mortgage-oks-tougher-for-local-blacks-latinos/https://casar.house.gov/media/press-releases/news-warren-whitehouse-casar-lawmakers-slam-35-companies-paying-their https://www.cbpp.org/blog/trumps-2-trillion-choice-cut-health-coverage-and-care-for-millions-cut-taxes-for-wealthy https://housingmatters.urban.org/research-summary/homeownership-much-more-costly-black-homeowners https://www.commonwealthfund.org/blog/2018/understanding-impact-elimination-individual-mandate-penalty https://www.gettyimages.com/detail/news-photo/rosary-solimanto-who-has-multiple-sclerosis-and-fears-for-news-photo/883220192?adppopup=true https://www.whitehouse.gov/briefing-room/speeches-remarks/2024/06/17/remarks-by-national-economic-council-deputy-director-daniel-hornung-on-the-generational-opportunity-to-reorient-the-tax-system-in-2025/https://www.usnews.com/news/national-news/articles/2021-03-15/who-owns-stocks-in-america-mostly-its-the-wealthy-and-white https://itep.org/investment-income-and-racial-inequality/https://www.bls.gov/cpi/additional-resources/chained-cpi.htm https://law.wisc.edu/profiles/william.whitford https://trumpwhitehouse.archives.gov/briefings-statements/president-donald-j-trumps-historic-tax-cuts-delivering-real-savings-creating-opportunity-americans/https://www.investopedia.com/ask/answers/06/capitalgainhomesale.asp https://www.urban.org/projects/structural-racism-explainer-collection https://www.in2013dollars.com/us/inflation/2018?amount=1 https://theconversation.com/profiles/beverly-moran-681132 https://www.alternet.org/wall-street-cheers-trump-s-treasury-pick-a-corporate-tax-cut-proponent/https://www.cbo.gov/sites/default/files/115th-congress-2017-2018/reports/53651-outlook-appendixb.pdf https://rooseveltinstitute.org/publications/when-tax-policy-discriminates/https://taxpolicycenter.org/briefing-book/how-did-tcja-change-standard-deduction-and-itemized-deductions https://nonprofitquarterly.org/an-opportunity-to-make-us-tax-policy-more-equitable/https://www.faireconomy.org/trickle_down_economics_four_reasons https://www.aeaweb.org/articles?id=10.1257/pandp.20221015 https://www.bls.gov/cpi/additional-resources/chained-cpi-questions-and-answers.htm https://www.urban.org/sites/default/files/publication/71101/1000533-Horizontal-Equity.PDF https://www.nps.gov/ethnography/aah/aaheritage/histContextsE.htm https://www.history.com/topics/black-history/black-codes https://smartasset.com/taxes/heres-how-the-trump-tax-plan-could-affect-you https://www.americanprogress.org/article/the-tax-cuts-and-jobs-act-failed-to-deliver-promised-benefits/https://aflcio.org/paywatch https://apnews.com/article/trump-tax-cuts-republicans-congress-spending-immigration-e4aebdcc9955f5d663208aec08778442 https://www.pewresearch.org/short-reads/2024/03/06/a-booming-us-stock-market-doesnt-benefit-all-racial-and-ethnic-groups-equally/https://www.southerncultures.org/article/why-is-wealth-white/https://www.cbo.gov/publication/53300 https://www.cbo.gov/publication/59613 https://pmc.ncbi.nlm.nih.gov/articles/PMC6650883/https://scholarship.law.vanderbilt.edu/faculty-publications/740/https://www.americanprogress.org/article/ending-special-tax-treatment-wealthy/https://www.irs.gov/privacy-disclosure/tax-code-regulations-and-official-guidance https://pmc.ncbi.nlm.nih.gov/articles/PMC4940635/https://budgetmodel.wharton.upenn.edu/issues/2023/10/12/did-tcja-increase-revenue-on-us-corporation-foreign-income https://law.vanderbilt.edu/bio/?pid=beverly-moran https://www.brookings.edu/articles/an-american-tragedy-the-legacy-of-slavery-lingers-in-our-cities-ghettos/https://rooseveltinstitute.org/wp-content/uploads/2024/06/RI_TCJA-Impact-on-Black-Taxpayers_Brief_062024.pdf https://news.byu.edu/news/minority-entrepreneurs-face-discrimination-when-seeking-loans https://theconversation.com/trumps-2017-tax-cuts-expire-soon-study-shows-they-made-income-inequality-worse-and-especially-hurt-black-americans-233758 https://www.brennancenter.org/our-work/analysis-opinion/jim-crow-legacy-continues-today https://www.alternet.org/trump-tax-plan-desperate/https://www.cbpp.org/research/federal-tax/the-2017-trump-tax-law-was-skewed-to-the-rich-expensive-and-failed-to-deliver https://www.alternet.org/trump-tax-cut/https://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit-eitc https://www.crfb.org/blogs/trumps-tax-cut-largest-reagan https://waterkeeperschesapeake.org/a-brief-history-of-black-land-ownership-in-the-u-s/https://home.treasury.gov/news/press-releases/jy2567 https://www.investopedia.com/articles/05/011805.asp https://theconversation.com/institutions/vanderbilt-university-1293 https://equitablegrowth.org/six-years-later-more-evidence-shows-the-tax-cuts-and-jobs-act-benefits-u-s-business-owners-and-executives-not-average-workers/https://www.urban.org/research/publication/lessons-learned-studying-structural-racism-national-policies https://www.alternet.org/biden-labor/https://www.alternet.org/republicans-trump-tax-cut/https://www.irs.gov/taxtopics/tc503 https://www.gettyimages.com/detail/photo/family-playing-with-young-children-in-front-of-royalty-free-image/1821169659?phrase=black%20family%20in%20front%20of%20house&adppopup=true https://theconversation.com https://www.irs.gov/publications/p936

Affiliate links

no affiliate links

Read full article