The Future of Trump’s 2017 Tax Cuts
The Tax Cuts and Jobs Act (TCJA), signed by President Donald Trump in 2017, brought major tax reductions for individuals and businesses. Key features included lower income tax rates, a doubled standard deduction, and a 20% deduction for small businesses. However, many provisions are set to expire by the end of 2025. Without renewal, taxpayers could face higher rates, reduced child tax credits, and smaller business deductions. Republicans are currently pushing to extend and expand these cuts, but concerns over the rising federal deficit persist. If no action is taken, millions of Americans could see noticeable tax increases, impacting family budgets and business growth across the country. The debate over extending these cuts is intensifying ahead of the 2025 deadline.
