During a recent speech at the Detroit Economic Club, former President Donald Trump proposed partially renewing a tax policy in effect prior to the Tax Reform Act of 1986 that allowed taxpayers to fully deduct interest expense on auto loans.
Last month, former President Donald Trump declared, “If you’re an overtime worker, when you’re past 40 hours a week . . . your overtime hours will be tax-free.”
The Trump-Vance and Harris-Walz presidential campaigns have each recently proposed large expansions to the child tax credit (CTC). Both proposals might be intended to appeal to similar voters, but they vary significantly regarding budgetary cost, distribution of benefits, and effect on work incentives.
On December 22, 2017, President Donald Trump signed into law the Tax Cuts and Jobs Act (TCJA).
The Committee for a Responsible Federal Budget hosted “a tax policy summit “When the TCJA Expires: A Tax Policy Summit” on March 28, 2024.
