As we approach the upcoming presidential election, there is a lot of buzz surrounding the expiration of the 2017 Tax Cuts and Jobs Act (TCJA). Without action from Congress, the trillions of dollars in tax breaks implemented by former President Donald Trump through the TCJA will come to an end after 2025. This imminent expiration has experts and taxpayers alike concerned about how it will impact their financial future.
At Extreme Investor Network, we understand the importance of staying ahead of the game when it comes to personal finance. That’s why we want to ensure our readers are well-informed about the potential changes in tax policy that may come in the near future. The outcome of the 2024 election will play a crucial role in determining which political party will be in charge of handling these expiring tax breaks, ultimately shaping America’s tax landscape for years to come.
According to Erica York, senior economist and research director at the Tax Foundation, if the 2017 tax cuts expire, about 62% of taxpayers could see their tax bills increase. This is a significant concern for many Americans, as a majority already feel they pay too much in federal income taxes while receiving minimal value in return. With these sentiments in mind, both presidential candidates, Trump and Vice President Kamala Harris, have proposed tax changes that could impact millions of individuals and families across the country.
While there is some overlap in their ideas, such as expanding the child tax credit and eliminating taxes on tips, their approaches to taxation vary greatly. Trump’s economic advisor, Stephen Moore, emphasizes the importance of driving economic growth through tax policy changes. On the other hand, the Harris campaign has yet to provide concrete details on their tax plans.
At Extreme Investor Network, we believe it is crucial for our readers to stay informed and prepared for any potential changes in tax policy that may lie ahead. Be sure to watch the video above to learn more about how Harris and Trump plan to address the tax code if elected to office. Stay tuned to our platform for more insights and expert advice on personal finance topics to help you navigate these uncertain times with confidence.