Although nothing is final yet, things are firming up on what will likely be included in the "big beautiful bill" that Congress is trying to finalize for President Trump's approval this summer.
It is pretty certain that most provisions of the Tax Cut and Jobs Act (TCJA) that were set to expire will be made permanent. While this is a very positive development for many (it will prevent tax increases on 62% of taxpayers), the biggest challenge is that it will add roughly $4.5 trillion to the deficit. This is why there is so much focus on spending cuts and eliminating waste - Congress has indicated they will only allow the proposed $4.5 trillion deficit increase from tax reforms if $1.7 trillion is cut from government spending.
Did I mention nothing is final yet??....
Disclaimer
As a reminder, my role is not to endorse or criticize these potential changes. My role is to keep you informed so that you understand the potential impact (good or bad) on your small business and/or personal taxes.
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