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2024 election insights: Election details and possible outcomes

Sept. 4, 2024

The upcoming election will determine control of the White House and both chambers of Congress, which in turn will influence the course of any potential tax reform. There’s a lot on the line for taxpayers this year with the pending expiration of many Tax Cuts and Jobs Act (TCJA) of 2017 provisions scheduled for 2025. With Republicans and Democrats deeply divided in their priorities and approach, who winds up in power will impact the ultimate resolution.

Outlined below are considerations for the White House and Congressional elections and a discussion on how each affects the financial legislative process, as well as an outline of the consequences of potential outcomes.

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White House

Former President Donald Trump, the Republican nominee, and Vice President Kamala Harris, the Democratic nominee, are locked in a tight battle for the White House. The two candidates have vastly differing visions on how to approach the economy, including tax policy.

As of Aug. 29, 2024, neither candidate is leading the other by a large margin and both have a potential path to the 270 electoral votes needed to claim victory.