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Trump Era Tax Cuts Are Set To Expire. Here’s How Much More You’ll Pay

via BBC News
This article was originally published at StateOfUnion.org. Publications approved for syndication have permission to republish this article, such as Microsoft News, Yahoo News, Newsbreak, UltimateNewswire and others. To learn more about syndication opportunities, visit About Us.

When key provisions of the Tax Cuts and Jobs Act expire at the end of 2025, American taxpayers will face changes to the tax code depending on the political climate.

The TCJA lowered individual and corporate tax rates as well as increasing standard deduction amounts and estate tax exemptions through 2025.

“We are in a situation in which many American families and businesses are hanging on by a thread. Letting the non-permanent provisions of the TCJA expire could be catastrophic to our overall economy and the well-being of many working families,” Engineered Tax Services, Inc. CEO Julio Gonzalez stated.

Specifically, individual tax rates are set to increase by 1-4% if provisions are not extended.

Standard deductions will decrease from current doubled amounts, and estate tax exemptions will fall from the current $12.92 million individual exemption.

With the sweeping tax changes set to expire, taxpayers across the political spectrum will be impacted based on whether rates are kept lower, increased, or subject to bipartisan compromise in the years ahead.

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