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I’ve been trying to understand how the budget proposal process works, including how it is voted on and approved, but I couldn’t find much information. For exam
by billconan 2y ago
I’ve been trying to understand how the budget proposal process works, including how it is voted on and approved, but I couldn’t find much information.
For example, with FY2025 starting on October 1, 2024, does this mean any proposed tax rate hikes would take effect on that date, or would they start on January 1, 2025?
Additionally, since Trump’s tax cuts are set to expire on December 31, 2025, does this guarantee that tax rates will remain unchanged until that date?
- jeffbee 2y agoCongress can change the rates at any time, and they can set the effective date to any date. Whether they would do that or not is an open question.
- billconan 2y agoIs there a way to track Congress’s activities related to potential tax rate changes? I’d like to stay informed and avoid being caught off guard by any sudden changes. I’ve looked into this, but it’s more complicated than I expected. For example, Congress votes on 12 separate appropriations bills related to the budget, and I’m not sure which ones impact tax rates or when those votes are scheduled?