Ginger Sottile

JUST A REMINDER The One Big Bullshit Bill tax "breaks" for ordinary citizen tax payers ends on December 31, 2028 — a few weeks before @realDonaldTrump leaves office. This means... • your deduction for qualified tip income • your deduction for qualified OT compensation • the additional $6,000 deduction for seniors 65+ • the deduction for passenger vehicle loan interest • the one-time federal $1,000 contribution to "Trump Accounts" child savings accounts .... IT ALL ENDS in December 2028. But you know what doesn't end on December 31, 2028? • The corporate tax rate went from a top rate of 35% down to a flat rate of 21% **THIS IS NOW PERMANENT** • The 100% bonus depreciation: Businesses can IMMEDIATELY deduct 100% of the cost of new (and some used) qualified property — such as machinery, equipment, computers, furniture, and certain software — in the year it is placed in service, instead of depreciating it over several years. **THIS IS NOW PERMANENT** • Full expensing of domestic research and experimental (R&D) expenditures: Companies can now IMMEDIATELY deduct the FULL COST of domestic research and experimental expenditures in the year they are incurred. This relates to company spending when developing new products, processes, formulas, inventions, techniques, softwares, etc. **THIS IS NOW PERMANENT** • Companies can deduct a greater amount (30%) of their interest expenses. This larger deduction LOWERS their taxable income more, which means they pay LESS taxes — in other words, they effectively keep/get back more money through the tax savings. **THIS IS NOW PERMANENT** ____________________________________ So at the end of December 2028.... Corporations get to KEEP their lower flat tax rate of 21% - they'll get to KEEP 100% write off's - they'll get to KEEP their 30% interest expense limitations, but our measly little tax breaks will no longer exist. AMERICAN CITIZENS GOT ROYALLY SCREWED BY @realDonaldTrump AND THE @GOP @HouseGOP @SenateGOP @Republicans DON'T LET THEM BLAME DEMOCRATS