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Trump-era tax cuts expire December 2025. the average American can expect to see their tax bill increase slightly in tax year 2026.

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With many of former President Trump’s tax cuts due to expire next year, taxpayers may be wondering if there’s anything they should be doing now to prepare.

Trump’s 2017 Tax Cuts and Jobs Act (TCJA) increased the standard deduction, lowered the corporate and estate tax rates and increased the child tax credit, among other things.

While some people may be affected more than others, a number of tax breaks are set to expire at the end of December 2025 and revert to pre-TCJA rules.
Child tax credit: Will taxpayers see more money in 2024?

“As crazy as it may sound, December 31, 2025, will be here soon,” tax attorney Adam Brewer, with AB Tax Law, told Nexstar. “If Congress doesn’t take action to extend the cuts or pass new tax cuts, then the average American can expect to see their tax bill increase slightly in tax year 2026.”
Cap on state and local tax deductions

Some residents of high tax states like California, New York and Massachusetts could actually benefit thanks to the scheduled expiration of the $10,000 cap on state and local tax (SALT) deductions, Brewer said.

SALT allowed taxpayers to deduct certain taxes paid to state and local governments – including property taxes and either state income or sales taxes, but not both – on their federal income tax returns.

“The Tax Cuts and Jobs Act (TCJA) significantly increased federal standard deduction amounts (thereby reducing the number of taxpayers who itemize deductions) and capped the total SALT deduction at $10,000,” according to the Tax Policy Center. “As a result, the share of filers claiming the SALT deduction fell to 9 percent, with the estimated revenue costs dropping to $13.5 billion in 2020.”

The standard deduction will be roughly half of what is now, adjusted
Complete reading here

fox59.com/news/national-world/trump-tax-cuts-set-to-expire-will-you-be-affected/

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