Extend the Tax Cuts and Jobs Act of 2017

The TCJA is a reserve of funds meant to benefit high-net-worth individuals and retirees. The way it worked was by reducing individual tax rates, doubling the standard deduction, and expanding the child tax credit. The estate tax exemption was also doubled, and this helped wealthy Americans pass on larger inheritances to their heirs.

TCJA’s individual tax cuts are planned to expire at the end of 2025, but there is a high possibility that Trump will get them renewed. This means affluent seniors will get a boost in their retirement income. But this is not all; the thing is that the whole economy will grow, and we’ll see gains in the stock market and increased valuations of retirement accounts.

But as we mentioned before, the anticipated advantages of TCJA extension would particularly favor higher-income retirees. Those with lower incomes may see a smaller influence, but they may still gain indirectly from a robust economy and stable financial markets.