During Donald Trump’s first term he accomplished a huge overhaul to the federal tax code with the 2017 Tax Cuts and Jobs Act. With many of the cuts in the TCJA set to expire in 2025, here’s what it might mean for taxes.
The corporate tax rate is unlikely to change. The TCJA lowered it to 21% from 35% and the Trump administration has indicated that keeping the corporate tax rate low is a high priority.
Individual tax rates are likely to stay the same, but the standard deduction might change.
Big tax deductions are likely to change, including qualified business income.
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