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April 24, 2018

A look at impacts of temporary tax cuts

  • Nearly all the tax cuts for individuals are set to expire in 2026. What does that mean for ordinary taxpayers?
    • By MARCY GORDON
    AP Business Writer

    WASHINGTON — The tax overhaul that took effect Jan. 1 provides generous breaks for corporations and wealthy Americans and more modest relief for middle- and low-income households. In addition, the tax cuts for corporations are permanent; those for individuals and families are only temporary.

    Richard Phillips is a senior policy analyst at the nonpartisan, liberal-leaning Institute on Taxation and Economic Policy. The following interview was edited for length and clarity.


     
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