An increase in income tax rate means you'll pay a higher percentage of your income to the government. This directly reduces your disposable income, the money you have left after taxes for spending or saving. This can make it harder to afford basic necessities, save for retirement, or invest in your future.
Republicans will soon find themselves in in control of the entire federal government—the White House, the Senate and the House of Representatives—for the first time since 2018. This new power dynamic in Washington has already generated some discussion about how a law known as the “Congressional Review Act” may be used to undo at least some of what the Biden administration accomplished during its four years in power. But what exactly does this law allow, how does it work in practice, and how might it be used when the new Congress is sworn in next January?
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Since 1995, Policy and Taxation Group has been the leading advocacy group working to reduce and eliminate estate tax, gift tax, and generation skipping transfer tax while blocking increased income tax and capital gains taxes, the creation of a wealth tax, and other hostile tax policies that punish hardworking taxpayers and success.
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