Tax Policy: Insights from GOBankingRates on Trump’s Tax Cuts

Michael Kramarz | Featured in GOBankingRates | February 6, 2025

GOBankingRates recently published an article featuring Michael Kramarz, a tax principal at Kaufman Rossin, discussing the potential impact of reinstating Trump’s tax cuts. The article highlights changes in individual tax rates and the standard deduction, which could significantly affect taxpayers if extended.

“The standard deduction was increased to a level that made it such that many Americans were opting to utilize the standard deduction as opposed to itemizing,” explains Kramarz. This adjustment played a crucial role in reducing effective tax rates across the income spectrum.

For business leaders, understanding these changes is vital as it directly influences tax planning strategies. If the Tax Cuts and Jobs Act (TCJA) expires, over 62% of taxpayers might face increased taxes by 2026, necessitating a reevaluation of deduction strategies.

Read the full article at GOBankingRates.

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Michael Kramarz Tax Principal at Kaufman Rossin, one of the Top 50 CPA and advisory firms in the U.S.