Biden and Trump confront tax cliff in the midst of federal budget shortfall

Are you interested in learning more about the upcoming changes in taxes and how they could impact your personal finances? The next U.S. president will face crucial decisions regarding the expiration of trillions in tax breaks. As experts at Extreme Investor Network, we provide unique insights and valuable information on how these changes could affect you.

President Joe Biden and former President Donald Trump have shared early proposals for addressing these expiring tax breaks. The Tax Cuts and Jobs Act of 2017, enacted under Trump, significantly lowered federal income tax brackets and raised the standard deduction. However, many of these tax breaks are temporary and are set to expire after 2025 unless Congress takes action to extend them.

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Our senior economist and research manager, Erica York, highlights the importance of addressing these expiring provisions, as they impact the vast majority of American taxpayers. Despite these proposals, the federal budget deficit poses a significant challenge in negotiations. Fully extending the TCJA tax breaks could add an estimated $4.6 trillion to the deficit over the next decade, according to a recent Congressional Budget Office report.

At Extreme Investor Network, we understand the complexities of tax negotiations and how they can impact your financial future. Our experts analyze the economic and political factors that may influence legislators’ decisions leading up to 2025. With a game of three-dimensional chess at play, it’s essential to stay informed about potential changes in tax policy.

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To tackle the expiring Trump tax cuts, Biden’s top economic advisor, Lael Brainard, has proposed higher taxes on the wealthy and corporations. Biden plans to extend expiring provisions for those making less than $400,000, while Brainard emphasizes the need to end tax breaks for the ultra-wealthy. Meanwhile, Trump has called for sweeping tax cuts without specifying how they will be funded.

As the 2024 election approaches, the future of tax policy remains uncertain. Stay informed with Extreme Investor Network for the latest updates and expert analysis on how these changes could impact your personal finances. Subscribe to our newsletter for exclusive content and insights from our team of financial experts.

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