Congress faces a major “tax cliff” in 2025 with the expiration of the individual components of the 2017 Tax Cuts and Jobs Act, otherwise known as the Trump tax cuts. This year’s elections will largely determine the fate of trillions of dollars in tax cuts and the course of policy for years to come. At stake are individual tax rates, the doubled standard deduction, the enlarged child tax credit, the new tax break for businesses that file as individuals, and the increased exemptions for the estate tax. The Washington Examiner is featuring a series on key considerations for this tax battle. Read Part 1 and Part 2.
Key provisions of the Tax Cuts and Jobs Act of 2017, also known as the “Trump tax cuts,” are set to expire at the end of 2025, raising the prospect of major tax hikes and a hit to commerce if Congress does not act.
