Donald Trump wants to extend the tax cut in Jobs Act.
But if Congress doesn’t act, your taxes could jump. Starting in 2026, here’s what’s at stake. Income tax brackets will increase, so the 12% bracket will increase to 15%, and the 22% bracket moves to 25%. The standard deduction, which nearly doubled under the TCJA will shrink, leaving more of your income exposed to taxes.
The estate tax exemption will drop from nearly $14 million to around five to $6 million significantly affecting wealth transfers. While Trump is looking to extend these provisions and introduce new cuts, like eliminating taxes on Social Security,
Congress is split. The house wants to act fast by bundling tax cuts with other policies. While the Senate wants to take a more phased approach, if they can’t agree, millions of Americans could face higher taxes in 2026, the stakes couldn’t be higher for your taxes, retirement and estate plans follow me for more updates to ensure your financial plan is ready for what’s next.
