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The TCJA raised the standard deduction, lowered corporate and estate tax rates and increased the child tax credit.
Those cuts are set to expire at the end of 2025.
If Trump loses, the TCJA will likely expire, andincome tax bracketswill revert to their 2017 levels.
This means you could see more taxes coming out of your paycheck.
You might also see a smaller refund at tax time.
The TCJA lowered the rate for the top bracket to 37%.
It also expanded the tax brackets, resulting inlower tax liabilities and potentially larger tax refunds for most taxpayers.
Thats a long shot.
It might also lead to much higher prices on goods and services.
Heres the average federal refund for each of the past five tax years, according to IRS data.
