Seven years ago, the passage of the Tax Cuts and Jobs Act gave hardworking Americans and the businesses that employ them well-deserved relief, clearing a path for innovation, investment, and economic growth.
However, several key provisions of the TCJA will expire unless Congress extends them before the end of next year. Since the TCJA provided taxpayers with concrete wins that improved their lives, lawmakers should keep those benefits at the forefront while shaping tax reform in 2025.
The most impressive and indisputable result of the TCJA was that it simplified the tax code. National Taxpayers Union Foundation’s annual tax complexity study found the TCJA slashed millions of hours people collectively spent filing their taxes. By increasing the standard deduction, eliminating the Affordable Care Act’s individual mandate, and repealing the alternative minimum tax, tax…
