The tax laws you follow today are mostly from 2017, with some changes made since
The Tax Cuts and Jobs Act, passed in December 2017 under President Trump, is still the foundation of federal income tax law. That law lowered tax rates, changed deductions, and altered how certain types of income are taxed. Some of those changes are permanent. Others were set to expire after 2025 unless Congress extends them.
Since 2017, Congress has made smaller changes through other laws — some raising taxes on specific groups, some lowering them. The IRS also updates rules and guidance each year based on inflation and court decisions. So "Trump tax" is not quite accurate: it is more accurate to say you are filing under a tax system that was overhauled in 2017 and has been adjusted since.
What matters for your 2024 return is what the law says right now, not who was president when it passed. This guide explains which parts of the 2017 law are still in place, which ones expire soon, and what that means for your tax bill.
Key Takeaways
- The 2017 Tax Cuts and Jobs Act lowered individual income tax rates and nearly doubled the standard deduction, and those changes remain in effect for 2024.
- Many provisions from the 2017 law are set to expire after December 31, 2025, unless Congress votes to extend them before that date.
- The child tax credit, earned income tax credit, and other credits have been modified by laws passed after 2017, so they may not match what they were in 2017.
- Tax brackets and deduction amounts change each year based on inflation, so your 2024 numbers are different from your 2023 numbers even if the law itself did not change.
Which parts of the 2017 tax law are still in effect
The individual income tax rates from the 2017 law are still in place for 2024. Those rates range from 10% to 37%, depending on your income. The standard deduction — the amount you can subtract from your income before calculating tax — is also still nearly double what it was before 2017. For 2024, the standard deduction is $14,600 for single filers and $29,200 for married couples filing jointly.
The law also eliminated or reduced many itemized deductions. For example, the deduction for state and local taxes (called SALT) is capped at $10,000 per year. The deduction for mortgage interest is limited to interest on loans of $750,000 or less. These limits are still in place for 2024.
The corporate tax rate was lowered from 35% to 21% in 2017, and that rate remains in effect. If you own a business or receive income from a partnership or S corporation, this may affect how much tax you owe.
What expires after 2025 if Congress does not act
The individual income tax rate cuts from 2017 are scheduled to expire on December 31, 2025. That means starting in 2026, unless Congress extends them, tax rates will return to what they were before 2017. The standard deduction will also shrink back to its pre-2017 levels, adjusted for inflation.
This expiration date applies to most of the changes affecting individual taxpayers. The corporate tax rate of 21%, however, is permanent and will not expire.
Congress can vote to extend these provisions before the end of 2025. Whether it will do so depends on political decisions that have not been made yet. If you are planning your finances for 2026 and beyond, it is worth watching for news about whether Congress extends these tax cuts.
Changes made to tax law after 2017
Several laws passed after 2017 have changed how taxes work. The American Rescue Plan, passed in 2021, temporarily expanded the child tax credit and the earned income tax credit. Those expansions ended after 2021, so the credits returned to their previous amounts for 2022 and later.
The Inflation Reduction Act, passed in 2022, created new tax credits for clean energy and electric vehicles. It also increased funding for IRS enforcement. The find Act, passed in 2019, changed rules for retirement accounts and required certain inherited retirement accounts to be emptied within ten years.
Each of these laws modified the tax code that came from 2017. Your 2024 tax situation reflects all of these changes combined, not just the 2017 law alone.
How inflation adjustments change your taxes each year
Even when Congress does not change the tax law, the IRS adjusts tax brackets, deduction amounts, and credit limits each year to account for inflation. For example, the standard deduction for 2024 is higher than it was for 2023, even though the law itself did not change. The income ranges for each tax bracket also shift upward each year.
These adjustments mean your tax bill can change from year to year even if your income stays the same and you do not change how you file. The IRS publishes these adjusted amounts in late fall, and they take effect on January 1 of the following year.
What you need to do on your 2024 return
File your 2024 return using the tax law and rates that are in effect for 2024. That includes the standard deduction amount for 2024, the tax brackets for 2024, and any credits and deductions you are may have access to to under current law. The IRS Form 1040 and its schedules reflect all of these current rules.
If you use tax software or work with a tax preparer, they will use the 2024 rules automatically. You do not need to do anything special to account for the 2017 law or any changes made since then — the forms and software already do that.
If you are concerned about what happens in 2026 when some provisions expire, that is a question for a tax professional or financial planner. For your 2024 return, focus on the rules that are in effect right now.
Frequently Asked Questions
Will my taxes go up in 2026?
Possibly, if Congress does not extend the individual income tax rate cuts from 2017. Tax rates would return to pre-2017 levels, and the standard deduction would shrink. Congress has not yet decided whether to extend these provisions, so the outcome is uncertain. A tax professional can help you estimate what your taxes might look like under either scenario.
Is the child tax credit still $2,000 per child?
For 2024, yes. The child tax credit is $2,000 per may have access to child under age 17. This amount was expanded temporarily in 2021 but returned to $2,000 for 2022 and has remained there. The credit may change again if Congress passes new laws.
Can I still deduct my state and local taxes?
You can deduct up to $10,000 in state and local taxes (SALT) per year if you itemize deductions. This $10,000 cap was set in 2017 and remains in place for 2024. If your state and local taxes exceed $10,000, you can only deduct $10,000 of them.
Does the corporate tax rate of 21% ever go back up?
The corporate tax rate of 21% is permanent and will not expire automatically. Congress would have to pass a new law to change it. The individual tax rates, by contrast, are scheduled to expire after 2025 unless Congress extends them.
What if I owned a business in 2017 — do I get a special deduction?
The 2017 law created the may have access to business income (QBI) deduction, which allows owners of sole proprietorships, partnerships, and S corporations to deduct up to 20% of their business income. This deduction is still available for 2024 and is set to expire after 2025 unless Congress extends it. A tax professional can help you determine if you may have access to.