Senate Passes Bill to Preserve Middle Class Tax Cut
Black Enterprise Magazine July/August 2018 Issue

The United States Senate passed a bill yesterday that will extend tax cuts for the middle class but not the wealthy.

The bill, which passed 51 to 48, is expected to not pass in the House.

Details of the bill have been released as he child tax cut would be preserved while rates would rise by 4 percent on incomes above $250,000 for couples and $200,000 for single filers.

Under this bill, tax rates for families who make $250,000 or less will keep the same tax rate. Individuals who make $200,000 and below will also keep the same tax rate.

The House is scheduled to vote on the tax cuts next week.

Join the Conversation

BLACK ENTERPRISE Editors

Black Enterprise is a black-owned multimedia company. Since the 1970s, its flagship product Black Enterprise magazine has covered African-American businesses with a readership of 3.7 million.


MORE ON BlackEnterprise.com