#TrumpTaxCuts

The Trump Tax Cuts, also known as the Tax Cuts and Jobs Act (TCJA), are set to expire at the end of 2025 unless Congress acts to extend them. President Trump has called for permanence for the 2017 tax law, citing its benefits for economic growth and job creation. If extended, the TCJA would continue to reduce average tax burdens for taxpayers across the income spectrum. However, if allowed to expire, 62% of taxpayers could face a tax increase. Key provisions include reduced tax rates, increased standard deductions, and an expanded child tax credit. Extending the TCJA would cost $4.5 trillion from 2025 to 2034