Individual provisions in the Tax Cuts and Jobs Act (TCJA) are set to expire after 2025, as Congress debates whether to make some or all of them permanent. A Tax Policy Center (TPC) analysis found that making the cuts permanent would raise the budget deficit more than $3 trillion over 10 years and would mostly benefit taxpayers earning over $400,000. The effects on the federal budget would be delayed, TPC says, until fiscal year 2027 and would decrease tax revenues for fiscal years after that. Rep. Vern Buchanan (R-FL) said that with inflation and an uncertain economy, “we need to provide some much-needed relief and certainty to hardworking families and ensure these tax cuts do not expire.” Call or visit our website for more information! www.mjscpa.com/
