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Many of those provisions are set to expire at the end of 2025.
If Trump extends his tax policy, however,how could it impact Americans wallets?
Heres what tax experts have to say.
The TCJA also doubled the maximumchild tax credit.
For tax year 2024, the standard deduction is $14,600 for single filers and married persons filing separately.
The amount increases to $15,000 for 2025.
What Happens If the TCJA Expires?
The federal estate tax exemption will also be reduced to $7 million.
So, in rough terms, the current exemption will be cut in half, Rubinstein wrote.
How Much Could Americans Save?
According to Kramarz, how much taxpayers can possibly save depends on the individuals overall income and particular expenses.
There are also talks of the removal or adjustment of the SALT limitation.
This will benefit taxpayers in high-tax states.
However, at the current time, it is difficult to quantify the benefit, Rubinstein explained.
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