Summerlin Benefits Consulting Q&AAnswer
Oct 29, 2024 - 10:11 AM
When the TCJA expires in 2026, income tax rates will revert to their higher, pre-2017 levels: 10%, 15%, 25%, 28%, 33%, 35%, and 39.6%, affecting most taxpayers. The standard deductions will decrease, and tax brackets will narrow, potentially raising taxes on retirement income, especially for those with pre-tax retirement savings. Estate and gift tax exemptions will also drop.
