The Tax Cuts and Jobs Act (TCJA) is scheduled to sunset in 2026. What does this mean for you?
The TCJA was passed in 2017 and made significant changes to the U.S. tax code. Some of the key provisions of the TCJA include:
The TCJA is scheduled to sunset in 2026, meaning that many of the provisions will expire unless Congress takes action to extend them.
If the TCJA sunsets, some of the changes that will take effect include:
These changes could have a significant impact on wealthy families, as they could face higher taxes on their income and estates.
Here are some additional things to consider:
It may not be time to shift gears, at least not yet. Congress has a long history of extending or replacing expiring tax reforms with similar bills. The best place to start may be a conversation with your financial professional to evaluate your situation and make a plan considering multiple scenarios.
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