What does a Donald Trump victory mean for taxes? Many provisions in his signature tax legislation from his first time in the White House, the Tax Cuts and Jobs Act (TCJA), are scheduled to expire at the end of 2025. Now, there is a better chance that most will be extended. But the former and future president has indicated that he’s open to revisiting the TCJA’s $10,000 limit on the state and local tax deduction. Some other changes he’s proposed are reducing the corporate tax rate and eliminating taxes on overtime, certain tips and Social Security benefits. Which extensions and proposals become law also depends on the Republican margin in the Senate and who controls the House and by how much.
