With the Tax Cuts and Jobs Act (TCJA) provisions set to expire after 2025, taxpayers could see substantial changes in their federal income tax rates, standard deductions, and child tax credits. High earners are rushing to leverage current lower rates, while potential drops in the standard deduction could return many to itemizing. The child tax credit may also decrease, affecting families' budgets. High-net-worth individuals face significant impacts from looming changes in federal gift and estate tax exemptions. As Congress debates the future, Americans brace for a return to pre-2018 tax landscapes.
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