The IRS increased the exemption before the 2025 GOP tax bill was enacted. Find out how the megabill changes the threshold for estate taxes.

Note: Now that the No Tax on Tips measure has been signed into law, the new tax deduction for cash tips takes effect for the 2025 tax year.

This includes the same 7 tax brackets, the casualty loss limitation, the elimination of miscellaneous itemized deductions, and the elimination of personal exemptions.