If you’re staring at your 2024 paycheck and wondering why it looks the way it does, you aren’t alone. Honestly, the tax code is a mess of expiring dates and political football. The short answer? Yes. We are still very much living in the world created by the Tax Cuts and Jobs Act (TCJA), often just called the "Trump tax plan."
But there’s a massive "but" coming.
Most of the rules that affect your wallet today were set in stone back in 2017. They were designed to last through 2025. This means for the tax year 2024—the one you'll be settling up with the IRS for in early 2025—the "Trump era" rules are still the law of the land.
The 2024 Reality: What’s Actually Happening?
Basically, the 2024 tax year is the second-to-last year of the original TCJA framework. If you’re a regular W-2 employee or a small business owner, the stuff you’ve gotten used to over the last few years hasn’t vanished yet.
We still have the seven tax brackets (10%, 12%, 22%, 24%, 32%, 35%, and 37%). Before the 2017 change, that top rate was 39.6%. You’re also still looking at a significantly higher standard deduction than what existed a decade ago. For 2024, that’s $14,600 for singles and $29,200 for married couples filing jointly. Because this deduction is so high, about 90% of Americans don't bother itemizing their taxes anymore.
It's just easier to take the "free" deduction and move on.
The "One Big Beautiful Bill" Twist
Here is where things get weird. We are currently in January 2026. While you might be asking about 2024, the landscape just underwent a massive shift. In July 2025, a new piece of legislation—often nicknamed the One Big Beautiful Bill (OBBB) or the Working Families Tax Cut—was signed into law.
This bill basically "rescued" many of the expiring Trump tax provisions.
If that bill hadn't passed, we would have seen a massive "tax cliff" on January 1, 2026. Your tax rates would have automatically jumped back to 2017 levels. The standard deduction would have been cut in half. The Child Tax Credit would have plummeted.
But for 2024? You’re safe. That year is "legacy" TCJA.
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Why Your 2024 Taxes Might Still Feel Different
Even though the "plan" is the same, the numbers move. The IRS adjusts brackets for inflation every single year. This is called "bracket creep" prevention. If you got a 3% raise but the tax brackets didn't move, you might find yourself pushed into a higher percentage bracket even though you aren't "richer" in terms of what you can buy.
For 2024, the IRS bumped those brackets up by about 5.4%.
Let’s look at some specifics:
- The 24% Bracket: In 2023, this started at $95,375 for singles. In 2024, it starts at $100,525.
- Qualified Business Income (QBI): If you're a freelancer or own an LLC, you're still getting that sweet 20% deduction on your income. This is one of the most popular parts of the Trump plan for small businesses.
- The SALT Cap: This is the one everyone in New York and California hates. The $10,000 limit on deducting state and local taxes is still in effect for 2024.
The Big Expiration: What Happens Next?
Most people asking "are we under trump's tax plan 2024" are actually worried about the future. They've heard the rumors that "taxes are going up."
Technically, the Trump plan was a "sunset" law. It was written to expire. However, because of the 2025 legislative updates, many of these features are now permanent or at least extended. For example, the OBBB Act made the lower tax rates permanent for most people. It also actually increased the SALT deduction cap to $40,000 for many filers starting in 2025/2026, which is a huge departure from the original 2017 plan.
Expert Note: There's a big difference between your tax year and the filing year. When you file in April 2025, you are filing for the 2024 tax year. That year is 100% under the original Trump tax plan rules.
Surprising Details You Might Have Missed
One thing people forget is Bonus Depreciation. This was a huge part of the 2017 plan that allowed businesses to deduct 100% of the cost of equipment immediately.
Well, that actually is fading away.
- In 2023, it was 80%.
- In 2024, it’s 60%.
- In 2025, it’s 40%.
So, while the individual income tax rates feel "stable," business owners are actually seeing a stealth tax increase because they can't write off their new trucks or computers as quickly as they used to. This is a nuance most news headlines skip.
Actionable Steps for Your 2024 Taxes
Since you’re still under the 2024 rules, you should play the game by the current handbook.
1. Maximize the Standard Deduction... or don't.
Check if your total itemized deductions (mortgage interest, medical bills, charity) exceed $14,600 (single) or $29,200 (joint). If they don't, stop tracking every single Goodwill receipt. It's not helping you.
2. Look at the QBI Deduction.
If you have "side hustle" income, make sure you're taking the 20% deduction. It’s one of the most powerful tools in the Trump tax plan and it’s still fully available for 2024.
3. Adjust Your Withholding.
If you got a big refund last year, you’re basically giving the government an interest-free loan. Use the IRS Withholding Estimator. Since the brackets shifted for inflation in 2024, your "usual" settings might be slightly off.
4. Plan for the "Seniors" Bonus.
If you're over 65, keep in mind that the new 2025 laws actually added an extra $6,000 deduction. While that's technically for the 2025 tax year, you should start planning your 2024 year-end distributions (like RMDs from an IRA) to take advantage of that lower taxable income next year.
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The 2017 tax plan changed the DNA of the American tax system. Even though we’ve seen new legislation in 2025, the core of what you experience today—the brackets, the high deduction, and the lack of personal exemptions—is the direct result of that 2017 policy.
To stay ahead, make sure you’ve reviewed your 2024 income against the updated inflation-adjusted brackets. If you’re near the top of a bracket, contributing more to a 401(k) or HSA before the end of the year is the most effective way to "stay" in a lower-taxed tier.