Trump tax cuts set to expire – will you be affected?

  • by:
  • Source: The Hill
  • 03/25/2024

With many of former President Trump’s tax cuts due to expire next year, taxpayers may be wondering if there’s anything they should be doing now to prepare.

Trump’s 2017 Tax Cuts and Jobs Act (TCJA) increased the standard deduction, lowered the corporate and estate tax rates and increased the child tax credit, among other things.

While some people may be affected more than others, a number of tax breaks are set to expire at the end of December 2025 and revert to pre-TCJA rules.

“As crazy as it may sound, December 31, 2025, will be here soon,” tax attorney Adam Brewer, with AB Tax Law, told Nexstar. “If Congress doesn’t take action to extend the cuts or pass new tax cuts, then the average American can expect to see their tax bill increase slightly in tax year 2026.” 

President Trump in Seoul by Trump White House Archived is licensed under flickr Public Domain Mark 1.0

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