What is The Economic Impact of U.S. Tariffs?

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The Trump administration has imposed and threatened several rounds of tariffs in 2018, and other countries have responded to these measures in kind. According to the Tax Foundation Taxes and Growth Model and an article by Erica York and Kyle Pomerleau, on which they analyze the effects of enacted, threatened, and retaliatory tariffs, it will have a big impact on the United States economy. Tariffs damage economic well-being, and lead to a net loss in production and jobs, and lower levels of income.

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Will your 2018 1040 tax return be simpler to prepare than 2017?

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The Tax Cuts and Jobs Act of 2017 made multiple changes to the individual income tax, including changes to itemized deductions and the alternative minimum tax, an increased standard deduction and child tax credit, and lower marginal tax rates across brackets.

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IRS Releases Qualified Business Income Deduction (QBID) Proposed Regulations

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IRS Releases Qualified Business Income Deduction (QBID) Proposed Regulations. On August 8, the IRS released proposed regulations on the Code Sec. 199A qualified business income deduction and they are generally favorable to taxpayers.

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Congress Moving for Licensing Tax Preparers

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Congress Moving for Licensing Tax Preparers. Congress is moving toward giving the IRS the authority to license tax preparers, Senator Rob Portman (R-OH) is promoting it with a new bill

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Do you know how much you pay on Gas Taxes per gallon?

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Do you know how much you pay on Gas Taxes per gallon? One particular stream of consistent revenue for States is taxes on gas.

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IRS plans to Index Capital Gains for Inflation

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IRS plans to Index Capital Gains for Inflation. Steven Mnuchin, the Treasury secretary, said in an interview on the sidelines of the Group of 20 summit meeting in Argentina on July 2018 that his department was studying whether it could use its regulatory powers to allow Americans to account for inflation (indexing) in determining capital gains tax liabilities.

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