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However, some of those tax provisions will sunset in 2025.
Additional tax changes could impact everyone, from low-income earners to the wealthy.
Heres an overview of how your tax return could be affectedif Trump is elected president again.
Trump wants these reinstated, which could add even more money to taxpayers pockets when they file in 2025.
This change would particularly benefit employees who incur significant out-of-pocket expenses related to their jobs.
These would act much like a Roth IRA, where earnings could be withdrawn tax-free after reaching age 59.5.
Many experts are split on how beneficial this would be for most Americans.
Many are struggling tosave enough money for retirementafter covering their monthly expenses.
Trump has previously suggested lowering the capital gains tax rate to stimulate investment and economic growth, Shirshikov added.
The result would be a reduction incurrent tax burdensand an increase in retirement savings.
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