Understanding Trump's Tax Bill

What is one of the main features of President Trump's tax bill regarding the 2017 tax cuts?

• They were made permanent.

• They were repealed.

• They were reduced by half.

• They were extended for two more years.

How has the standard deduction changed under the new tax law?

• It remains high and adjusts for inflation.

• It is only available for married couples.

• It has been reduced.

• It has been eliminated.

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

• $20,000

• $10,000

• $40,000

• $30,000

Which new deduction is available for workers in tipping professions?

• Deduction for uniform expenses

• Deduction for tip income

• Deduction for meal expenses

• Deduction for travel expenses

What is the income limit for the new car loan interest deduction?

• $200,000 for individuals

• $50,000 for individuals

• $100,000 for individuals

• $150,000 for individuals

How much has the child tax credit increased under the new tax law?

• From $3,000 to $3,200

• From $2,000 to $2,200

• From $1,000 to $1,200

• From $2,500 to $2,700

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

• Proof of residency

• A valid driver's license

• A valid social security number

• Proof of employment

What is the new cap for cash donations if you don't itemize your taxes?

• $1,500

• $1,000

• $2,000

• $500

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

• $800

• $600

• $400

• $200

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

• It reduces taxes for the wealthy only.

• It eliminates all deductions for businesses.

• It adds over $3 trillion to the national deficit.

• It simplifies the tax code too much.