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Over 300 of America’s richest individuals have requested of the members Congress to obstruct the Republicans' suggested tax proposal that favors them, stating it would “dismantle” social programs ," weaken" the U.S. economy and leave millions of families "vulnerable." In a message addressed to Democratic leadership in the House and Senate on Monday, this cohort of affluent people condemned President Donald Trump’s wish to prolong his 2017 tax reductions. primarily benefited rich individuals and companies. "These cuts aren't just unnecessary; they're cruel, prioritizing handouts to the wealthiest households over the well-being of those who need help the most," the letter read, according to Axios . It lands on the desks of Democratic leadership just as Republicans prepare to attempt advancing former President Trump’s tax plans. The tax reductions from his initial term are scheduled to expire by the end of this year. Inc...

Filing taxes can be quite challenging, and the phrase "tax deduction" often evokes images of stacks of receipts and intricate computations, all for saving a small amount of money. The bright side is that you don't have to go through the process of itemizing deductions to benefit from significant tax savings and lower your taxable income. Each year when handling taxes, you must decide whether to opt for the standard deduction or not. itemizing your deductions Many of us overlook the standard deduction since it's simpler — and for many individuals, it currently offers a more advantageous arrangement. However, many people aren't aware that even if you choose not to itemize deductions, the IRS still allows you to reduce your taxable income through various means. taxable income With specific "above-the-line" deductions. These act as guaranteed victories if you meet the qualifications. Below are five tax deductions you can still claim even if...