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 the U.S. economy, and disrupt state tax structures.
Expiration would mean:
Halving the federal standard deduction
Reducing the federal child tax credit
Reintroducing higher federal tax brackets
Lowering the federal estate tax threshold
Eliminate key business tax benefits like federal Section 199A and full expensing
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