“The law makes permanent the lower individual and business income tax rates in Trump’s 2017 Tax Cuts and Jobs Act that were due to expire at the end of the year. It also extends the standard deduction in that law and extends and expands the alternative minimum tax exemption and raises the estate tax exemption from $14m to $15m,” Reuters reports. The law provides additional relief by creating a tax break for up to $10,000 in interest payments on U.S.-assembled auto loans and expanding the deduction for state and local tax payments from $10,000 to $40,000 until 2029, benefiting homeowners in high-tax states, according to Reuters.
Author: Punch Newspapers
Published at: 2025-12-29 23:37:57
Still want to read the full version? Full article
