June 14, 2023; Duration: 12:08
Update: In 2025, Congress passed the One Big Beautiful Bill, which made the lower tax brackets (10–24%) permanent for most taxpayers. The TCJA-era prediction discussed below proved correct — what was once projected to expire after 2025 has now been permanently extended by legislation. Higher brackets (32%+) remain subject to potential changes.
The Trump tax cuts went into effect at the end of 2017, but because they lacked a supermajority of approval in Congress those tax cuts had an expiration date. David has long maintained that the government won’t let those tax cuts expire. There is a broad swath of Americans that are responsible for getting the current politicians re-elected and those people have short memories. If taxes go up, they’re going to blame those same politicians. No politician wants to be responsible for raising taxes on that many Americans. There is a high likelihood that if you are in the 10%, 12%, 22%, or 24% tax brackets, those tax brackets will be extended until 2031. If you’re construed as someone who earns a higher income, you’re probably going to face higher tax brackets.
For Gainesville area residents, understanding these bracket changes is essential for year-round tax planning. The 2026 standard deduction for married filing jointly is $32,200 — up from approximately $24,000 in 2018. Heritage Financial offers in-house Enrolled Agent tax planning services that coordinate tax strategy with retirement planning for families in Gainesville, Alachua, and Ocala.
Educational & Informational Disclaimer: This content is for educational and informational purposes only and does not constitute direct legal or tax advice. Individual circumstances vary, and you should consult qualified professionals regarding your specific situation.
