Biden's Tax Plan Clashes with Expiring Trump Cuts

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With trillions in tax breaks set to expire after 2025, the future of U.S. tax policy has entered a critical juncture.

Lawmakers in Washington are facing mounting pressure to address key provisions of the Tax Cuts and Jobs Act of 2017, which enacted sweeping tax reforms under then-President Donald Trump.

While the TCJA permanently lowered the corporate tax rate to 21%, many of its most significant provisions, including reduced federal income tax brackets, increased standard deductions, and enhanced child tax credits, are set to expire unless Congress intervenes.

As the 2025 deadline approaches, the stakes are high. Experts warn that without action, more than 60% of tax filers could see their tax bills rise, with middle-class families and small businesses facing the biggest impact.