The expiration of key provisions from the Tax Cuts and Jobs Act (TCJA) at the end of 2025 is set to create significant changes for businesses and individuals alike. While corporate changes under the TCJA remain permanent, many individual provisions—such as reduced income tax rates, increased standard deductions, and the doubled child tax credit—are set to revert to pre-2017 rules unless Congress acts.
The CBO’s estimated $4.6 trillion fiscal cliff presents challenges for policymakers as they navigate potential extensions or modifications.
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