7 years since Trump tax cuts, lower rates set to expire 2025

MILWAUKEE (CBS 58) -- Today, Sunday, Dec. 22, marks seven years since then-President Donald Trump signed a sweeping series of tax cuts into law. 

On his social media platform, Truth Social, the president-elect said this morning he plans to "deliver the largest tax cuts in the history of our country" next year. 

The 2017 tax cuts lowered the federal income tax rates for most taxpayers. 

Those cuts are set to expire at the end of 2025. If they expire, an estimate six out of 10 Americans will pay more in federal taxes. 

The Committee for Responsible Federal Budget has cautioned the extended tax cuts through 2035, would add $5 trillion dollars to the federal deficit.