Who Pays More when the Tax Cuts Expire? Ep 370
What could happen to our taxes if the 2017 Tax Cuts and Jobs Act (TCJA) expires in 2025? This week, we explore a Wall Street Journal article analyzing the TCJA\u2019s potential expiration and its varied impacts across the U.S. from coast to coast.\xa0
These tax cuts, enacted under President Trump, included reductions across multiple income brackets, increased standard deductions, and expanded child tax credits. However, when they\u2019re set to expire, the shift could mean substantial tax hikes for many households.
The discussion centers on the unique impact of these changes in different regions, showing how factors like income levels and state taxes could influence the extent of the increase.
Outline of This Episode- [0:20] What happens if the 2017 tax cuts expire?
- [3:00] Impact of the TCJA\u2019s expiration on different regions
- [4:47] Where tax increases will be highest
- [5:45] Bay Area faces double pressure
- [6:05] Retirees in Collier County, Florida, brace for tax changes
- [7:50] Rural areas face modest tax impacts
- [12:21] Listener Question: Social Security & retirement timing
- The Retirement Podcast Network
- Where Taxes Would Rise the Most if Trump\u2019s Tax Cuts Expire
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