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kkmarie

(293 posts)
10. On an individual level
Mon Jun 30, 2025, 08:24 AM
Jun 30

Why do we have to pay taxes for services/agencies that have been either eliminated or reduced to non functioning?
Is Krasnov just going to start pocketing the money?

I was googling the exact tax cuts for us regular people. And I found this on the Fidelity website I had not heard of this being in the bbb.
Sorry if everyone heard of this before.

new saving account for parents
Trump accounts. The bill proposes a savings account called the Trump account fundable up to $5,000 a year on an after-tax basis for children, so there is no upfront tax benefit. Contributions can be made by parents, relatives, or any other “taxable entity,” according to the legislation, until age 18, at which point half of the funds could be withdrawn and any gains would be taxed at the long-term capital gains tax rate, so long as the money is used for qualified expenses, which include education costs, the down payment on a first home, or as capital to start a small business. After age 30, the remainder of funds could be withdrawn for any purpose. Withdrawals would be taxed at ordinary income rates if spent for other purposes prior to age 30. Parents of newborns born between January 1, 2025, and January 1, 2028, would also qualify for $1,000 in federal seed money to start the account. Although not income restricted, Trump accounts are similar to Connecticut Baby BondsOpens in a new window, which invest $3,200 into accounts for newborns of lower income parents.

https://www.fidelity.com/learning-center/personal-finance/one-big-beautiful-bill#:~:text=The%20standard%20deduction%2C%20which%20doubled%20in%202017%2C,single%20filers%20and%20$32%2C600%20for%20married%20filers

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