Tax policy can have substantial economic implications and is often a key driver of decision-making for taxpayers. Understanding the landscape is critical to navigating uncertainty and anticipating future changes. It’s more important than ever to be engaged, as 2025 is shaping up to be one of the most consequential tax policy years in decades.
All eyes on the 2024 election
Taxpayers are struggling to make informed long-term decisions as they face an uncertain tax policy landscape heading into the 2024 election. The imminent expiration of many Tax Cuts and Jobs Act (TCJA) of 2017 provisions, which have significant implications for the majority of United States taxpayers, has created a fiscal cliff the next Congress will need to address.
The future of tax policy, and how the TCJA expirations are handled, depends largely on the outcome of the upcoming elections. The magnitude of the TCJA expirations should force legislative action; however, the contents and timing of such a bill will depend on the balance of power in the 119th Congress as the two parties have vastly different approaches to potential reform. The cost of a blanket extension is prohibitive, which means negotiations won’t be limited to expiring provisions; we expect everything, even the corporate tax rate, will be up for debate.
To help our clients navigate the current uncertainty we are pleased to launch two new resources:
Tax Policy and the 2024 election website
This dynamic resource covers the importance of the TCJA on today’s tax policy landscape, the upcoming elections and the impact of potential outcomes, each party’s tax policy platforms and potential steps taxpayers can take today to be prepared.
Visit our tax policy and the 2024 election website
Tax Trends: Quarterly tax roundtable - Sept. 26, 2024
Please join our experienced tax professionals – Michael Wronsky, Kasey Pittman, and Duncan Campbell –for a roundtable discussion as part of our quarterly Tax Trends webinar series on Thursday, Sept. 26.the upcoming 2024 election and its impact on future tax policy.
Questions?
Please reach out to your Baker Tilly tax professional to discuss how tax policy developments may impact your tax planning and compliance.
View related insights
Tax policy and the 2024 election
Tax policy can have significant economic implications and is often a key driver of decision-making for business and individual taxpayers alike. An understanding of tax policy is critical to navigating uncertainty and planning for changes in the tax landscape. With that in mind, Baker Tilly is pleased to provide details and insights on tax policy and the 2024 election.
2024 election insights: Tax Cuts and Jobs Act and its impact
Explore the impact of expiring Tax Cuts and Jobs Act (TCJA) provisions. Learn about key changes, financial implications and the effect on U.S. taxpayers.
2024 election insights: Election details and possible outcomes
Explore the potential tax policy changes driven by the 2024 election outcomes. Learn how control of the White House and Congress could impact tax reform.
2024 election insights: Comparing tax policy platforms
Explore tax policy party platforms of Republicans and Democrats in the 2024 election. Understand proposed tax changes and their potential impact on tax policy.
The information provided here is of a general nature and is not intended to address the specific circumstances of any individual or entity. In specific circumstances, the services of a professional should be sought. Tax information, if any, contained in this communication was not intended or written to be used by any person for the purpose of avoiding penalties, nor should such information be construed as an opinion upon which any person may rely. The intended recipients of this communication and any attachments are not subject to any limitation on the disclosure of the tax treatment or tax structure of any transaction or matter that is the subject of this communication and any attachments.
