As Donald Trump prepares for his return to the White House, American taxpayers are watching anxiously to see what will happen to the trillions of dollars in tax breaks scheduled to expire at the end of 2025. The expiration isn’t a surprise: It was written into Trump’s signature tax leg...
You'll want to act fast to protect your money. Check Out: A Look at Tax-Filing Options and CostsRead Next: 7 Unusual Ways To Make Extra Money (That Actually Work) The Trump-era Tax Cuts and Jobs Act...
One of the few pieces of major legislation enacted under former President Donald Trump wasthe Tax Cuts and Jobs Act. Many of the provisions in that law areset to expire in 2025, making it one of the biggest potential issues to be decided in next year’s presidential election. Some of Tr...
Earlier this year, some lawmakers sought to double the SALT deduction cap to $20,000 for married couples, with the change retroactive for the 2023 tax year. But that bill was blocked in the House in February. Won't the SALT deduction cap expire anyway? Yes, the SALT deduction cap is a...
Trump’s radical tax plan established the global intangible low-taxed income (GILTI) rules and the base erosion anti-abuse tax (BEAT). These provisions brought back an old idea in US tax policy: minimum tax rates. Many of the TCJA provisions are set to expire in th...
The Trump tax plan simplified the tax structure but reduced revenue. Business tax cuts were made permanent, but individual cuts can expire in 2026.
To help offset the tax cuts and expansion of certain tax credits, the TCJA lowered the cap on the state and local tax (SALT) deduction to $10,000 – another provision on track to expire at the end of the year. The SALT deduction allows taxpayers who itemize their returns to deduct inco...
Former Vice President Mike Pence’s political advocacy group is launching a $10 million campaign to push for an extension of the Trump-era tax cuts, which are set to expire next year and will likely play a key role in the 2024 election. Advancing America
The Tax Cuts and Jobs Act lowered the corporate tax rate from 35 to 21 percent, and Trump recently said he would like to bring down the corporate rate even further to as low as 15 percent. “We’ll do it again, but we’ll do it even better,” Trump said. “The tax rate was ...
House Republicans are already negotiating how to extend around $4.6 trillion worth of provisions from the 2017 law, which are set to expire at the end of 2025. Still, the effort faces significant hurdles, most notably from deficit hawks in the House who argue that any tax cuts must be pai...