Unless Congress acts before January 1, 2026, the expiration of the 2017 Tax Cuts and Jobs Act (TCJA) will trigger widespread tax increases for 80% of Americans, significantly impact state economies, and disrupt state tax structures. For federal taxes, the expiration of the 2017 TCJA would: Halve the federal standard deduction Reduce the federal child tax credit Reintroduce higher federal tax brackets Lower the federal estate tax threshold Eliminate key business tax benefits like feder| National Taxpayers Union
States, families, and businesses will face major financial and economic upheaval if the U.S. Congress allows the 2017 Tax Cuts and Jobs Act (TCJA) to expire at the end of this year, according to a new report released Thursday by National Taxpayers Union Foundation. From a tax hike on 80% of U.S. families, to the loss of pro-growth business provisions, to automatic reversion to pre-TCJA law leading to massive confusion, the effects will cascade through the tax codes of all 50 states and Wa...| National Taxpayers Union
Eliminating the state and local tax (SALT) deduction simplifies the tax code and helps offset rate cuts that will spur more growth, while also making the tax code more progressive. It’s not a silver bullet, but it’s a step in the right direction.| Forbes
| www.cato.org
The Tax Cuts and Jobs Act changed deductions, depreciation, expensing, tax credits and other things that affect businesses. This side-by-side comparison can help businesses understand the changes and plan accordingly.| www.irs.gov