The current tax code has been in place since the Tax Cuts and Jobs Act (TCJA) was signed into law in late 2017. Most provisions, including personal income tax rates and brackets, expire at the end of 2025 unless Congress acts. The 21% corporate tax rate and long-term capital gains tax rates do not expire.

As a reminder, the 2017 Tax Cuts and Jobs Act (TCJA), as it was known, simplified tax filing for many families and lowered the tax rates most filers pay. It also lowered the corporate income tax rate from 35% to 21% and cut other business taxes.

There’s also the curious fact that the tax cuts for businesses were permanent, but the tax cuts for individuals were temporary.

President Biden has made mention of a need to review, while Republicans are already campaigning to extend those individual tax cuts before they expire at the end of 2025.

I personally feel the Democrats can bid their time and let the rates bounce back up and blame the Rebulicans for not addressing the issue in 2017.

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