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A Message from Rep. Loudermilk: Tax Cuts and Jobs Act, Inflation |
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In the News: IRS Data Proves Trump Tax Cuts Benefited Middle, Working-Class Americans Most
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The Hill:
Congressional Democrats have argued that one of the best ways to pay for the legislation is to raise taxes on wealthy households, which, according to many on the left, have benefited disproportionately and unfairly from the 2017 tax reform law passed by Republicans and signed by former President Trump. The latest data, however, proves that this claim is pure mythology.
Income data published by the IRS clearly show that on average all income brackets benefited substantially from the Republicans’ tax reform law, with the biggest beneficiaries being working and middle-income filers, not the top 1 percent, as so many Democrats have argued.
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In the News: Supreme Court lets challenge to Texas abortion law proceed, allows law to remain in effect
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Roll Call:
The Supreme Court Friday morning ruled that a lawsuit by abortion providers against Texas over its abortion law may proceed, despite arguments by Texas that the way the law was written made it so that parties could not sue against the law until it was enforced.
"The Court concludes that the petitioners may pursue a pre-enforcement challenge against certain of the named defendants but not others," the court, led by Justice Neil Gorsuch, said.
The court also let the law remain in effect pending the legal challenges. The ruling is procedural and will not be the final word on the law's constitutionality.
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In the News: U.S. Inflation Rate Swells to 39-Year High of 6.8% as Americans Pay Higher Prices for Almost Everything
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Market Watch:
The numbers: The cost of living climbed again in November and drove the rate of U.S. inflation to a nearly 40-year of 6.8%, putting more pressure on households as they confront rising prices of gas, food, cars, rent and so forth.
The consumer price index increased 0.8% last month, the government said Friday. Economists polled by The Wall Street Journal had forecast a 0.7% advance.
The pace of inflation over the past year escalated to 6.8% from 6.2% in the prior month. That’s more than triple the Federal Reserve’s 2% target and is the highest rate since July 1982.
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In the News: Get Ready for Taxes: What's New and What to Consider When Filing in 2022
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IRS:
The Internal Revenue Service today encouraged taxpayers to take important actions this month to help them file their federal tax returns in 2022, including special steps related to Economic Impact Payments and advance Child Tax Credit payments.
This is the second in a series of reminders to help taxpayers get ready for the upcoming tax filing season. A special page, updated and available on IRS.gov, outlines steps taxpayers can take now to make tax filing easier in 2022.
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Social Media: Additional Posts |
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