First impact of bill likely seen in next April's tax returns

tax returns, White House, immediate impact, tax cuts, April
Transcript
When you look at this legislation and you look at what's coming out of the White House, what do you think the first impact will be? I think the first impact may be when people are starting to file their tax returns next April. The White House has argued that the tax cuts, the tax status remaining at the status quo will be the first immediate impact. People won't be seeing their taxes go up, as the White House has argued. But some of the early estimates is that people's tax returns could also increase as well going into April. Again, it's interesting, though, as you have talked about earlier in this hour, that some of the more controversial cuts to Medicaid, Medicare take place down the line after the 2026 midterm. So some of the really heavy impacts that people could be feeling are later down the line. But at least fiscally, that seems to be what the White House is suggesting people will benefit most from in the immediate term.