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Tax Overhaul Sunset Looms: 2025 Deadline
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Overview
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The majority of tax provisions from the 2017 Tax Cuts & Jobs Act will expire by the end of 2025, except for the 21% corporate tax rate. Key components such as marginal tax rates, deductions, and business-related benefits are slated to revert to previous levels.
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How might the impending expiration of tax cuts impact individual taxpayers and businesses?
In what ways could the uncertainty surrounding future tax changes affect long-term financial planning for individuals and corporations?
What political and economic factors could influence the decision to extend or modify the expiring tax provisions?
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