With the presidential election approaching, experts are sounding alarms about the upcoming expiration of the 2017 Tax Cuts and Jobs Act, or TCJA.
Without action from Congress, trillions in tax breaks enacted by former President Donald Trump via the TCJA will expire after 2025.
"If the 2017 tax cuts are allowed to expire after 2025, about 62% of taxpayers would see their tax bills go up," said Erica York, senior economist and research director at the Tax Foundation.
"That's because the TCJA provided tax cuts for the vast majority of taxpayers."
Both Trump, the Republican presidential candidate, and Vice President Kamala Harris, the Democratic candidate, have called for tax changes that could affect millions of Americans.
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