The Tax Cuts and Jobs Act (TCJA) was signed into law in December 2017 and made significant changes to the tax code. Some of the key provisions of the TCJA included lower tax rates for individuals and businesses, an increase in the standard deduction, and a cap on the state and local tax deduction. However, many of the provisions of the TCJA are set to expire at the end of 2025. This means that tax rates could go up for many taxpayers in the coming years.
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