Trump-era tax cuts are set to expire. Here's how much more you'll pay
The tax cuts signed into law by former President Donald Trump in 2017 are set to expire in 2025.
The expiration of these tax cuts could mean higher taxes for many Americans.
The tax cuts lowered the corporate tax rate from 35% to 21%.
Individual tax rates were also lowered, with the top rate dropping from 39.6% to 37%.
The standard deduction was doubled, and the child tax credit was increased.
The expiration of the tax cuts could result in a $1.5 trillion tax increase over the next decade.
Democrats are considering ways to extend or expand the tax cuts, while Republicans are pushing for permanent tax cuts.
The fate of the tax cuts will likely depend on the outcome of the 2022 midterm elections.
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