As the 2024 election approaches, the economy remains a hot topic, particularly regarding the impending expiration of Trump-era tax cuts in 2025. Regardless of the election outcome, with Vice President Kamala Harris and former President Donald Trump as the leading candidates, both will face significant economic challenges upon taking office.
In a recent episode of Capitol Gains, Rachelle Akuffo, alongside Rachel Snyderman, Managing Director of Economic Policy at the Bipartisan Policy Center, discussed the future of the national debt and the crucial economic policy decisions that lie ahead. Snyderman emphasized, “This is going to be the battle of 2025.”
The Tax Cuts and Jobs Act
Enacted in 2017, the Tax Cuts and Jobs Act introduced various tax cuts that are set to expire in 2025. These changes will have far-reaching effects on American taxpayers and businesses. As Snyderman pointed out, “This is going to touch nearly every single American and small business owner.”
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Potential Consequences
The expiration of these tax cuts could lead to automatic increases in individual tax rates, impacting families across the nation. Small businesses, which rely on these tax provisions for growth, may face higher costs, potentially affecting their ability to hire and invest.
What Lies Ahead
As the new president and Congress take office, addressing these tax changes will be crucial. The dialogue surrounding tax policy will not only shape the economic landscape but will also significantly influence the upcoming election.
