Getting the right tax advice and tips is vital in the complex tax world we live in. The Kiplinger Tax Letter helps you stay right on the money with the latest news and forecasts, with insight from our highly experienced team (Get a free issue of The Kiplinger Tax Letter or subscribe). You can only get the full array of advice by subscribing to the Tax Letter, but we will regularly feature snippets from it online, and here is one of those samples…
As President Trump, officials in his administration and congressional Republicans start working on a big tax bill to extend expiring tax breaks in 2017's Tax Cuts and Jobs Act (TCJA) and to make other tax changes, they are eyeing lots of revenue-saving measures to help offset the cost of the bill or at least some of the cost. A 10-year extension of all the expiring provisions in the TCJA would add nearly $5 trillion to the debt, and that’s not counting the other tax breaks that President Trump promised to corporations and various groups on the campaign trail.
The House Budget Committee has floated an extensive list of revenue-savings options that are on the table. The list incorporates savings on multiple fronts, including energy, transportation, education, health, welfare, customs and immigration, trade, infrastructure, the federal workforce, and of course, taxes.
We will look at some current tax breaks that are under fire.
