Understanding Trump's Tax Bill

What is one of the main features of President Trump's tax bill?

• It makes the 2017 tax cuts permanent.

• It introduces a new tax bracket.

• It increases corporate tax rates.

• It eliminates all deductions.

How many tax brackets are maintained under the new tax bill?

• Five

• Six

• Seven

• Eight

What is the new limit for the SALT deduction under the new tax law?

• $20,000

• $40,000

• $30,000

• $10,000

Which type of income can now be deducted for the first time under the new tax bill?

• Rental income

• Tip income

• Investment income

• Pension income

What is the maximum deduction allowed for overtime wages under the new tax bill?

• $15,000

• $5,000

• $12,500

• $10,000

What is the new child tax credit amount per child under the new tax bill?

• $2,500

• $1,800

• $2,000

• $2,200

What is a requirement for parents to qualify for the child tax credit under the new law?

• A valid driver's license

• A valid social security number

• Proof of employment

• A minimum income of $50,000

What is the new cap for cash donations if you do not itemize your taxes?

• $1,500

• $1,000

• $500

• $2,000

What is the new deduction for small business owners with qualified business income?

• $300

• $500

• $200

• $400

What is one of the criticisms of the new tax bill according to the Congressional Budget Office?

• It reduces taxes for the wealthy only.

• It increases the national deficit by over $3 trillion.

• It eliminates all tax credits.

• It simplifies the tax code too much.