US government vows to extend tax act set to expire this year; here’s how you can be impacted
Tax Cuts and Jobs Act (TCJA), a package of tax reliefs that was voted to law by a Republican-dominated US Congress in 2017 during Donald Trump's first presidency, is set to witness the expiration of its provisions on December 31 this year.
House Republicans passed a budget plan last week that lays the groundwork to extend the TCJA. If the plan fails to pass in both the Senate and House of Representatives, and no new act is brought out and approved, the provisions of the TCJA would end on December 31.
The introduction of the TCJA was the largest overhaul of US tax codes in more than three decades. The only way for tax breaks under TCJA to continue is by the introduction of a relevant legislation by the Congress to expand or amend the tax cut code.
Among some of the major changes introduced by the TCJA were the slashing of corporate tax rates to 21 percent, an expansion in child tax credit, capping of state and local taxes (SALT) at $10,000, and the introduction of doubled standard deductions.
Here are some areas that can be impacted if the TCJA is not extended or amended.
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