Understanding Potential Tax Changes

What is one of the major changes introduced by the 2017 Tax Cuts and Jobs Act (TCJA)?

• Increasing the tax rates for all income brackets

• Doubling the standard deduction

• Eliminating all federal taxes

• Raising the corporate tax rate

What potential change to Social Security benefits has Trump proposed?

• Introducing a new Social Security tax

• Increasing the retirement age

• Eliminating taxes on Social Security income for retirees

• Reducing Social Security payments by 50%

How might Trump's proposal to eliminate federal taxes on overtime pay and tips affect workers?

• It could decrease their take-home pay

• It could increase their take-home pay

• It would have no effect on their pay

• It would require them to work more hours

What is a potential consequence of implementing significant tariffs on foreign goods?

• No impact on consumer prices

• Increased domestic production without any price changes

• Higher prices for everyday items like groceries and clothing

• Lower prices for imported goods

What is the current status of the lifetime gift and estate tax exemption?

• It is set to increase in 2026

• It is at historic highs but will shrink by half in 2026

• It is only applicable to estates over $20 million

• It has been eliminated entirely