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Treasury and the IRS proposed rules limiting the Obamacare premium tax credit, starting in 2027, to U.S. citizens, nationals, and certain lawfully present noncitizens. Bessent said taxpayers should not subsidize people ineligible under federal law. It follows the removal of more than 760,000 unverified ACA enrollees, estimated at $2.2 billion in savings. The rules are proposed, not final.
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Middle class Americans are too “rich” for low-income tax credits and too “poor” for billionaire tax loopholes. BUT there are still strategies for you to lower your taxable income, so you keep more of your money at tax time. 1️⃣ You need a 1099 income stream 💸 Even a tiny side-hustle (like consulting, freelance, social media, etc.) unlocks the ability to write off everyday expenses like a portion of your rent, phone bill, wifi, gas, and more, which lowers your taxable income. 2️⃣ Max out your HS
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