If Congress doesn’t act by the end of the calendar year, the Child Tax Credit will decrease from $1,000 to $500 per qualified child.
Also, the “marriage penalty” will come back into play. The current tax cuts resulted in a standard deduction for married couples to be double that of the single taxpayer. The expiration of the tax cut will result in a decrease of the married joint standard deduction, dropping from $12,100 to $10,150. the tax brackets will be changed as well, reverting back to the previous brackets and rates.