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So a couple with two children would get a total tax reduction of $800.
About half of the total tax reduction would go to families already enjoying a tax bonus.
But this tax cut accounts for a very small part of the total tax reduction under the bill.
That's a total tax reduction of approximately $58 billion $70 billionn - $12 billion).
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It is the total tax benefit and not any particular tax reduction that is limited.
Trump's tax guidelines diverge from an effort by congressional Republicans, led by House Speaker Paul D. Ryan (R-Wis)., to craft a plan that aims to cut rates while keeping the government's total tax revenue level, as the reductions would be balanced out by new taxes elsewhere and the elimination of loopholes.
It gives you a dollar-for-dollar reduction in your total tax bill.
Even with this change, an analysis by Citizens for Tax Justice, a union-sponsored research institute, found that the highest-earning 1percentt of taxpayers, those with total income above $373,000, would get an average tax reduction of about $45,000 when the full tax-cut package was effective.
But rather than just cutting the total tax burden, which Europe badly needs, it suggests offsetting such reductions with higher taxes on energy and on capital that could well raise unemployment.
While Republicans often say the total tax cut is $5.5 trillion over 10 years, the reality is most of the reductions are paid for by raising taxes elsewhere.
The proposed tax reduction would be the third consecutive one for Westchester property owners and would lead to a total savings of $17.1 million next year, according to county estimates.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com