Welcome to Extreme Investor Network, where we provide you with unique insights and valuable information on personal finance. Today, we’re taking a closer look at how tax policy could play a significant role in the 2024 presidential election, with President Joe Biden and former President Donald Trump set to face off in the debate.
One key issue up for discussion is the fate of the Republicans’ expiring tax breaks from the Tax Cuts and Jobs Act of 2017, which are set to sunset after 2025. This includes provisions such as lower federal income tax brackets, boosted child tax credits, and higher estate and gift tax exemptions. According to the Tax Foundation, more than 60% of tax filers could see increased taxes in 2026 if these provisions expire.
Experts are eager to see how Biden and Trump will address the impending expiration of these tax breaks. While both campaigns aim to renew TCJA provisions for most Americans, questions linger about the cost, especially given the federal budget deficit. Fully extending these provisions could add an estimated $4.6 trillion to the deficit over the next decade, as reported by the Congressional Budget Office.
In terms of tax policy, Biden’s agenda includes higher taxes on the ultra-wealthy and corporations to fund TCJA extensions for those earning less than $400,000. On the other hand, Trump is seen as a ‘wild card’ with proposals to fully extend expiring TCJA provisions, support tariffs, and even eliminate taxes on workers’ tips.
The debate may also touch on the candidates’ policies on tariffs, which have implications for American businesses and global competitiveness. While Trump implemented tariffs on China, Mexico, and the EU during his term, many of these tariffs have remained under the Biden administration.
As the 2024 presidential race heats up, stay tuned to Extreme Investor Network for in-depth analysis and expert insights on how tax policy and other financial issues could impact the outcome of the election. Subscribe now to stay ahead of the curve and make informed financial decisions.