At the end of 2025, a provision that was part of Donald Trump’s tax plan (the Tax Cuts and Jobs Act of 2017) when he was president, will expire. The plan brought many changes to the tax law, and they benefited a lot of Americans by lowering their taxes. The changes will end at the close of 2025 unless Congress decides to keep them, but nothing has happened yet to rescind the changes.
If allowed to expire, the old tax rates (before 2017) will be back in place, and many people will find it necessary to pay more taxes for the 2026 tax year. Old tax brackets will return, and the lifetime estate and gift tax exemption will end, which is currently $13.61 million per person (2024), and $27.22 million for married couples.
