Tax Policy Will Be on The 2025 Agenda

The Tax Cuts and Jobs Act (TCJA) of 2017 is set to reach a critical juncture at the end of 2025, with many of its key provisions expiring. For individual taxpayers, this means significant changes to standard deductions, tax rates, and credits.

The nearly doubled standard deduction will revert to pre-TCJA levels, and individual tax rates will increase across the board. The expanded child tax credit will also be reduced. For businesses, the 20% deduction for qualified pass-through income (Section 199A) will disappear.

These expirations could result in tax increases for many Americans, making tax policy a pivotal issue in the upcoming 2024 election and 2025 legislative agenda.

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