Plans to Cut Tax Breaks for Mortgages, Child Care & Education Credits etc.

[Bray123]

F-Elon needs his tax breaks from Felon and this is where you start paying.

• Mortgage interest deduction: This could either be cut entirely or lowered to a $500,000 cap, with the former idea saving $1 trillion over a decade and the latter $50 billion over the same period.
• "Head of household" tax filing status: This filing status provides a larger standard deduction for unmarried adults with children. Eliminating it could save $192 billion over 10 years.
• American Opportunity Credit: This $2,500 tax credit is given for educational expenses amassed over the first four years of a person's higher education. Revoking it would save $59 billion over a decade.
• Child and Dependent Care tax credit: This credit helps families with young children pay for up to $2,100 in annual child care expenses. Waiving it would save $55 billion over a decade.
• Student loan interest deduction: Scrapping this deduction, used by people with student loan debt, could save $50 billion over 10 years.
• Lifetime Learning Credit: This non-refundable tax credit is equal to 20% of qualified tuition and related expenses under $10,000. Repealing it would save $26 billion over 10 years.

• Eliminating the estate tax: This proposal would most benefit ultra-rich families given that the estate tax hits people with assets of nearly $14 million. Removing this tax would cost the U.S. $370 billion over 10 years.
• Raising or eliminating the SALT deduction cap: Mr. Trump's TCJA introduced a controversial $10,000 cap on deducting state and local taxes, or SALT. Under the latest Republican proposals, the cap could be eliminated or raised to higher thresholds, such as $20,000 for married couples. The cost could range from $100 billion to up to $1 trillion, depending on the size of the change.
• Making auto loan interest tax deductible: This idea, which was floated by Mr. Trump during the 2024 presidential campaign, could cost $61 billion over a decade.

https://www.cbsnews.com/news/trump-tax-cuts-extension-republican-salt-deduction-student-loans/