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But the tax provisions for individuals are scheduled to lapse after 2025 and revert to prior law. That means taxes would likely rise for the wealthy absent congressional intervention. (The law s cut to the corporate tax rate, to 21% from 35%, is permanent.) That ll happen if everything remains as it s scheduled, said Paul Auslander, a certified financial planner and director of financial planning at Clearwater, Florida-based ProVise Management Group, of the reversal. Expiration of tax cuts In 2026, the top marginal income-tax rate would jump to 39.6% from the current 37% one of Biden s infrastructure-related policy proposals. Further, estates of single taxpayers that exceed roughly $5.5 million to $6 million would be subject to federal tax about half the current threshold. A reduction to the alternative minimum tax would expire, as would a new 20% tax deduction for pass-through businesses. A doubling of the child tax credit to $2,000 per kid would also lapse.  

Steven rosenthalPaul auslanderJoe bidenInstitute on taxationSenate minority leader mitch mcconnellProvise management groupTax foundationBrookings tax policy centerPresident joe bidenAmerican families planJobs actPersonal financeFlorida based provise management groupTax cutsMinority leader mitch mcconnellUrban brookings tax policy