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Standard Deduction Increase: New Law Raises Married Filing Jointly Deduction to Thirty-One Thousand Five Hundred Dollars

The recent enactment of a new tax law has significantly increased the standard deduction for married couples filing jointly, elevating it to $31,500 for the upcoming tax year. This adjustment, part of broader tax reforms aimed at providing relief to American taxpayers, affects millions of households across the country. The increase reflects adjustments for inflation […]
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Child Tax Credit Returns: Families Can Receive Up to $2,200 Per Qualifying Child in 2024

Starting in 2024, millions of American families will have the opportunity to claim significantly increased Child Tax Credits, with eligible households potentially receiving up to $2,200 per qualifying child. This enhancement reflects a series of policy adjustments aimed at providing more substantial financial support to families, especially those with lower and moderate incomes. The revamped […]
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Could a One-Dollar Wage Increase Force Small Businesses to Cut Jobs? The Automation Threat Explained

Recent discussions around proposed increases to the minimum wage—specifically a hypothetical $1 raise—have ignited debate among small business owners, economists, and policymakers alike. While elevating wages can enhance worker livelihoods, critics warn that even modest adjustments might compel some small businesses to reduce employment levels or accelerate automation efforts. This tension highlights a complex balancing […]
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