Trump’s 2017 Tax Cuts and Jobs Act is set to expire in 2025. If not extended, some of the provisions that would end include reducing individual income tax rates, doubling the standard deduction, increasing the annual child tax credit to $2,000, allowing high-income parents to claim the credit, and doubling estate and gift tax exemptions, and allowing taxpayers to exclude up to 20% of their business income from their federal income tax.
CNN also states that the top 1% who make at least $1 million (in this case, people like JGL) would receive a tax cut of about $70,000 in 2027, and the .1% who make at least $5 million would receive a tax cut of about $280,000 or 3% of their after-tax income.
