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Extending Provisions of the Tax Cuts and Jobs Act [1]

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Date: 2025-04

Description

Note: Updated on April 11, 2025 to reflect revenue estimates released by the staff of the Joint Committee on Taxation.

SUMMARY

Extending provisions of the 2017 Tax Cuts and Jobs Act (TCJA) would:

• Reduce federal revenues by $4.6 trillion through fiscal year 2035 ($3.8 trillion from extending certain individual and estate tax provisions and $830 billion from extending certain business tax provisions), according to estimates from the staff of the Joint Committee on Taxation released on April 3, 2025. TPC previously published revenue estimates here.

Decrease taxes by about $2,100, increasing after-tax incomes by 2.1 percent, for the average household in 2026. In general, higher income households would receive larger average tax cuts as a percentage of their after-tax income. Taxpayers in the top income quintile (or highest 20 percent) would receive 65 percent of the net tax cuts.

MODEL ESTIMATES

Tables show TPC's estimates of the change in federal tax revenues and the distribution of federal tax changes from extending provisions of the Tax Cuts and Jobs Act. Revenue estimates are for fiscal years 2026–2035 and distributional estimates are for calendar years 2026 and 2035.

Extend Provisions of the Tax Cuts and Jobs Act Revenue Impact FY2026–FY2035 Distributional Impact 2026 2035 Distribution of Federal Tax Change Levels Percentiles Levels Percentiles Tax Units with Tax Increase or Tax Cut Levels Percentiles Levels Percentiles

Extend Individual Provisions of the Tax Cuts and Jobs Act Distribution of Federal Tax Change 2026 Levels Percentiles

ADDITIONAL INFORMATION

TPC’s estimates include extending the following provisions:

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[1] Url: https://taxpolicycenter.org/tax-model-analysis/extending-provisions-tax-cuts-and-jobs-act

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