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2024 election insights: Comparing tax policy platforms
Sept. 4, 2024
The results of the upcoming election will have a substantial impact on the future of tax policy. Given tax policy’s influence on the economy and the magnitude of the potential Tax Cuts and Jobs Act (TCJA) of 2017 expirations, a comparison of party platforms offers valuable insights into the possible post-election landscape.
Presented below is a broader focus on party tax policy platforms rather than the individual plans of presidential candidates. While presidential budgets and tax proposals often influence legislation, only Congress has the authority to enact it. Financial measures originate in the House of Representatives and may be altered by the Senate. Identical bills must pass both chambers before the president can sign a bill into law; accordingly, tax legislation is often driven by lawmakers’ priorities. However, presidential platforms are briefly discussed at the end of this section.
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The positions discussed below are the generally supported tax policy proposals by party; though, in both groups there may be lawmakers who disagree with and/or support a different version of a proposal. Republicans and Democrats have recently begun organizing and strategizing around the 2025 fiscal cliff and are in the process of developing more comprehensive plans. Ways and Means Republicans, led by Smith, have formed “tax team” working groups and are seeking taxpayer comments on the impact of the potential 2025 expirations, which can be submitted on the Ways and Means portal. Meanwhile, Senate Democrats, led by Wyden, have begun meeting and are developing a “revenue menu” of ideas and priorities.
