After reading Biden's 256-page tax proposal for 2025, I understood its real impact on taxpayers including a reduced standard deduction and adjusted tax brackets that could result in higher taxes for many. However, substantial tax credits like the child tax credit, first-time home buyer and seller credits, and the earned income tax credit might offset these increases for specific groups.
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⌚ Timestamps:
00:00 Biden's Tax Proposal 2025
00:44 1. Standard Deduction
02:18 2. Tax Brackets
08:17 3. Child Tax Credit
10:19 4. First-Time Homeowner Tax Credit
12:15 5. Earned Income Tax Credit
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How The 2024 Proposed TAX Plan Will Affect You
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