With trillions in tax breaks scheduled to expire after 2025, lawmakers are debating policy priorities that could impact millions of families and small businesses.
Enacted by former President Donald Trump in 2017, the Tax Cuts and Jobs Act, or TCJA, made sweeping tax changes, including temporary provisions that will sunset after 2025 without action from Congress.
Some of the expiring TCJA provisions include lower federal income tax brackets, bigger standard deductions, a more generous child tax credit, higher gift and estate tax exemptions and a 20% tax break for pass-through businesses, among others.
"This will be a make-or-break moment for the federal budget and for America's middle class," Senate Finance Committee Chairman Ron Wyden, D-Ore., said in a prepared statement at a Senate hearing on Thursday.
In the meantime, lawmakers and organizations are voicing support for certain tax issues before the 2025 deadline.
Persons:
Donald Trump, Ron Wyden, —
Organizations:
Finance, Tax, White House