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1 month ago |
ntu.org | Joe Bishop-Henchman |Demian Brady |Debbie Jennings |Leah Vukmir |Andrew Wilford |Jess Ward | +2 more
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 ta Key Takeaways The U.S. Congress has until the end of 2025 to approve a new federal tax reform package before taxes for individuals and businesses go up on New Years Day 2026. Many states follow the federal tax code in some way, which will create a cascade of changes to state tax codes if the 2017 tax View PDF Key Takeaways The U.S. Congress has until the end of 2025 to approve a new federal tax reform package before taxes for individuals and businesses go up on New Years Day 2026. Many states follow the federal tax code in some way, which will create a cascade of changes to state tax codes if the 2017 tax law expires. State lawmakers should consider proactively preserving expanded state level standard deductions to simplify tax filing and full expensing to expand business, Author(s): Joe Bishop-Henchman, Demian Brady, Debbie Jennings, Leah Vukmir, Andrew Wilford, Jess Ward, Matthew Putnam, Mattias Gugel
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