Trillions in expiring tax breaks are at stake this election season. Here’s how a Biden or Trump presidency could affect your taxes.
The Tax Cuts and Jobs Act of 2017, or TCJA, temporarily reduced taxes for most Americans.Former President Donald Trump wants to extend all TCJA provisions, while President Joe Biden aims to extend tax breaks for taxpayers under the $400,000 threshold, which is most Americans.
One expiring TCJA provision is lower federal income tax brackets, which"reduced rates across the board," said Garrett Watson, senior policy analyst and modeling manager at the Tax Foundation.
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