Will federal taxes rise for taxpayers after next year? That’s a common question, as some provisions of the Tax Cuts and Jobs Act (TCJA) are set to expire after 2025. U.S. Treasury Secretary Janet Yellen said recently that President Biden supports a budget proposal extending certain TCJA provisions, and that he opposes raising the taxes “for working people and families making under $400,000.” However, the budget proposal would raise taxes on corporations and highly paid executives. Critics argue even if lower-paid taxpayers don’t see tax hikes, corporate tax increases will ultimately be passed down to consumers, through higher prices and lower wages.
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