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

[libertybele]

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

When 2025 draws to a close, so will many of the sweeping Trump-era GOP tax breaks established by the Tax Cuts and Jobs Act (TCJA) of 2017. While the legislation made some tax cuts to corporate profit permanent, lowered individual tax rates will expire on Dec. 31, 2025, and will revert to pre-TCJA levels.

Largely dependent on which party ends up controlling the White House and Congress after Inauguration Day 2025, changes to the tax code are coming. Whether cuts can be kept by Republicans, rates rewritten by Democrats or a divided government will agree on some sort of bipartisan compromise, taxpayers of every political persuasion will be affected. 

In an editorial on RealClearPolitics, Julio Gonzalez, CEO and Founder of Engineered Tax Services, Inc., warns of a “harsh reality” facing Congress.

“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,” stated Gonzalez.

The TCJA spawned a bunch of changes to the tax code, but here are three key tax adjustments that you’ll need to consider before they turn back at the end of 2025.

Income Tax Rates ..............

Standard Deduction................

Estate Tax Exemptions .............

https://www.msn.com/en-us/money/taxes/trump-era-tax-cuts-are-set-to-expire-here-s-how-much-more-you-ll-pay/ar-AA1eUIj5?ocid=hpmsn&cvid=5527223dda4544fdaa757a1fbb12b1cd&ei=32

[the OlLine Rebel]

Some of us already paid much more due to Trump trying to keep the states from using fed taxes as a deduction.

It hit right when my dad died and I was stuck trying to corral her/their taxes as well as everything else financial (mom really doesn't do any of it).

But my hubby had already noted it for us.

So, it'll be interesting to see if the net really is that different from the last several years.