Hello and welcome to the excerpt. I'm Dana Taylor. Today is Sunday, March 30th, 2025.

Don't panic, but I have to warn you. We're going to talk about a very unpopular topic today,

taxes. Yes, tax season is upon us yet again, but trust me, you're going to get some very

helpful information from us here. President Donald Trump proposed several substantive and not

substantive changes to tax policy on the campaign trail?

What's on the table and what should taxpayers have on their radar for this year?

Also, how might Internal Revenue Service layoffs impact filers this year?

To dig into this, I'm joined by USA Today, personal finance reporters Maduro Lee and Daniel Davies Say. Thank you both so much for

joining me on the excerpt.

A pleasure.

Thanks for having us.

During Donald Trump's first term, Congress passed the 2017 Tax Cuts and Jobs Act.

Those cuts are currently scheduled to expire at the end of this year.

Maduro remind us what was in those cuts and how much it would cost to make them permanent.

Where are we in that process and how likely is it that they'll make it happen?

Analysts are saying that this will probably reduce revenue if we extend it by $4.5 trillion.

And in order to extend the Tax Cuts and Jobs Act items, we will have to cut $1.7 trillion in spending.

I know that everybody always talks about how these were tax cuts mostly for the wealthy,

but there were actually a lot of things also for everyday people.

And some of the stuff included doubling the standard deductions. So a lot of people didn't have

to itemize their taxes anymore. And they also lowered the income tax rate for many, many people

by widening some of these tax brackets, cutting the tax rate. And it also included a bigger

...