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ARTICLE · 10 JULY 2025

2025 Tax Update: What You Should Know

Greenberg Glusker LLP
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This client alert provides a summary of the major provisions of the new tax bill. To make this extraordinarily complex bill somewhat understandable...

United StatesTax
Schuyler M. Moore
Schuyler M. Moore
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This client alert provides a summary of the major provisions of the new tax bill. To make this extraordinarily complex bill somewhat understandable, we have left off several details and simplified the discussion, so it is critical to consult with a tax advisor based on your particular facts before relying on any description here.

ESTATE AND GIFT TAX

Commencing in 2026, the estate and gift tax exemption is raised to $15 million for individuals and to $30 million for married couples, indexed for inflation after 2026.

INDIVIDUALS

Maximum Tax Rate. The current maximum individual tax rate of 37% is now permanent.

Standard Deduction. Commencing in 2025, the standard deduction is increased to $15,750 for single filers and to $23,625 for joint returns, adjusted for inflation for taxable years beginning after 2025. For 2025-2028 only, these amounts are increased by $6,000 for taxpayers over 65, but this additional amount is phased out for income over $75,000 for

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