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Tag: 2025 tax legislation
Wealth and Welfare: Analyzing the GOP Tax Reform and Its Socioeconomic Implications
In April 2025, the U.S. House of Representatives introduced a comprehensive tax reform bill, championed by President Donald Trump and House Speaker Mike Johnson. Dubbed the "Big, Beautiful Bill," this legislation aims to extend and expand upon the Tax Cuts and Jobs Act (TCJA) of 2017. Key provisions include increasing the standard deduction, adjusting the state and local tax (SALT) deduction cap, and proposing a higher top marginal tax rate for ultra-high earners .