Save your Trump tax cut. You’ll need it later.
By Rick Newman, Yahoo Finance
If you’re lucky enough to notice a net-income boost from the tax bill President Trump just signed, don’t rush out and spend it. For Trump giveth with one hand and taketh with the other.
The latest Trump “tax cuts” aren’t really tax cuts in the sense that tax rates will decline from 2024 to 2025. Tax rates will mostly stay the same. But without the tax bill, tax rates would have returned to 2016 levels, and a majority of Americans would have faced higher taxes. That’s because the individual income tax cuts Trump signed into law in 2017 were temporary and due to expire at the end of this year.
