In the News | CBS News
Trump wants to extend his 2017 tax cuts — and more. Here's what that could mean for you.
Dec. 16, 2024 · Authored by Duncan Campbell
As President-elect Trump advocates for extending his 2017 tax cuts, Baker Tilly's Duncan Campbell, shared with CBS News that while the Tax Cuts and Jobs Act (TCJA) extension could bring stability, there’s a chance tax provisions may revert to pre-TCJA levels by 2026.
What does this mean for you?
- Higher-income Americans may see significant changes.
- Small business owners should brace for the possible expiration of the 20% business income deduction.
To avoid surprises, Campbell advises planning now — especially if you're looking to take advantage of tax-saving opportunities before they expire. "Prepare as if everything is sunsetting," he said.
Read the article
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