what does tax cut mean for me
Tax cuts are reductions to the amount of citizensâ money that goes toward government revenue. Tax cuts occur in many different forms. Congress can cut taxes on income, profits, sales, or assets. They can be a one-time rebate, a reduction in the overall rate, or a tax credit. Most comprehensive tax reform plans include cuts, such as the Fair Tax Plan and or the flat tax. Tax cuts also refer to tax deductions, loopholes, or credits.