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9. Some Tax Law Changes are Temporary

According to the U.S. Congress’s Committee on Ways and Means, the tax overhaul had specific goals, including simplifying the tax process, providing more support to American families, and improving options for saving for education. However, 23 of the Tax Cuts and Jobs Act provisions are not permanent and will expire in 2025. The increase in the child tax credit and standard deduction amounts will both rollback at this time.

tax law 2018 income tax changes

izanbar / Getty Images

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