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Senate debates taxes ahead of Trump’s 2025 expirations. It's a ‘make-or-break moment,' lawmaker says

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With trillions in tax breaks scheduled to expire after 2025 , lawmakers are debating policy priorities that could impact millions of families and small businesses.

"This will be a make-or-break moment for the federal budget and for America 's middle class," Senate Finance Committee Chairman Ron Wyden said.

Some of the expiring provisions include lower federal income tax brackets, bigger standard deductions, a more generous child tax credit, higher gift and estate tax exemptions.