04-07-2025
- Business
- Wall Street Journal
How Trump's Megabill Will and Won't Change Your Taxes
Republicans have their 'big, beautiful' tax-and-spending package. Now, individual taxpayers want to know what difference this makes to their own returns and how changes could affect tax planning for this year and next.
The short answer is that—unlike with the tax overhauls of 1986 and 2017—most of the changes for individuals aren't radical. (Except, that is, for an expansion of the cap on state and local tax deductions to $40,000 from $10,000. More on that below.)
