What's At Stake With The TCJA Expirations? Trump And Harris Tax Plans For 2025 Explained
Wednesday, 11 September 2024, 08:50
What's At Stake With The TCJA Expirations?
As we look ahead to 2025, the expiration of key provisions from the Tax Cuts and Jobs Act (TCJA) raises questions on future tax implications. Former President Donald Trump and Vice President Kamala Harris have both shared their perspectives on tax strategies that could shape the fiscal landscape.
Trump's Tax Strategy
- Continuation of Tax Cuts: Trump advocates for maintaining the tax cuts established under the TCJA.
- Business Incentives: Proposed enhancements to incentives for corporations to stimulate economic growth.
- Middle-Class Focus: Emphasis on benefiting middle-class families through increased deductions.
Harris's Tax Proposals
- Progressive Taxation: Harris supports raising taxes on the wealthy to fund social programs.
- Investment in Infrastructure: Plans to leverage tax reforms for infrastructure development.
- Tax Relief for Low-Income Households: Proposals aimed at alleviating financial burdens for lower-income groups.
Both plans indicate a significant shift in the tax landscape that could impact taxpayers broadly. As the TCJA expirations approach, discussions between these political figures are crucial in shaping future tax strategies.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.