The Potential Impact of Expiring Tax Cuts and Jobs Act Provisions on Taxpayers | JD Supra
Key individual and business tax provisions from the Tax Cuts and Jobs Act are set to expire in 2025, including the maximum ordinary income tax rate for individual taxpayers increasing from 37% to 39.6%, the elimination of the 20% pass-through business income deduction, and the halving of the enhanced child tax credit from ,000 to ,000. Corporate taxpayers also face increased tax rates on global intangible low-taxed income, foreign-derived intangible income, and the base erosion and anti-abuse tax.
