Expiration of Trump Era Tax Cuts: Impact on Taxpayers Explained

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As the year 2025 approaches, the expiration of several tax breaks introduced during the Trump era is on the horizon. The Tax Cuts and Jobs Act of 2017 made significant changes to the tax code, but many of the individual tax cuts are set to revert to pre-TCJA levels by the end of 2025. The changes are contingent on the political landscape after the 2024 election, potentially leading to adjustments, revisions, or permanent shifts in tax rates. Key aspects affected include income tax rates, standard deductions, and estate tax exemptions. Taxpayers may face increased personal taxes, need to reconsider deductions, and navigate potential estate tax implications.


Trump Era Tax Cuts Are Set to Expire — Here’s How Much More You’ll Pay (yahoo.com)

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