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What to Know About Trump’s Plan to Extend Tax Cuts
Posted
February 10, 2025
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4,216
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February 10, 2025
4,216
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1:09Now PlayingPresident Donald Trump and congressional Republicans have made extending the 2017 tax cuts under the Tax Cuts and Jobs Act a top priority this year. Work to pass a tax bill will dominate legislative activity in the months ahead. Here’s what to know about the expiring tax cuts and the effort to extend them.
The Tax Cuts and Jobs Act (TCJA) was a major overhaul of the tax code that lowered rates for individuals and companies, along with a host of other changes. While some of the corporate provisions passed in the 2017 law are permanent, most of the individual and estate provisions expire at the end of 2025.
The Congressional Budget Office normally uses what is called a “current law” baseline to measure the impact of legislation. But some Republicans, including Senate Finance Committee Chair Mike Crapo, have suggested using a “current policy” baseline to extend the expiring provisions in the Tax Cuts and Jobs Act, which would be an unprecedented move.
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