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What to know: With the Republican sweep of the White House and Congress, many are questioning how this will affect the scheduled 2026 expiration of the Tax Cuts and Jobs Act (TCJA). An extension of TCJA is likely, but the specifics of which provisions will remain, be amended, or expanded are up for negotiation. Key provisions under consideration include:

📌 Tax Brackets and Standard Deduction: Not expected to change

📌 SALT Deduction Cap: The $10,000 limit could be a major negotiation point, with some favoring its elimination or adjustment

📌 Child Tax Credit: Bipartisan support exists for increasing the current $2,000 credit to at least $3,600

📌 Alternative Minimum Tax (AMT): Might be modified to offset changes to the SALT cap

📌 Section 199A QBI Deduction: Potential increase to align with proposed corporate tax rate cuts

📌 Gift and Estate Tax Exemption: Likely to remain elevated

📌 Other Considerations: The Trump administration has proposed additional tax cuts, such as tax-free treatment of tips and Social Security income, plus a shift to tariffs over income tax. However, these ideas would require Congressional approval.

Keep in mind: A new tax bill is inevitable, and while it may not be as transformative as TCJA in 2017, it can still have significant implications for your lifelong savings, making a proactive tax strategy vital.