What’s Next for U.S. Taxes? BKR's 2024 Post-Election Tax Policy Update

The recent election has set the stage for possible big shifts in U.S. tax policy. BKR's 2024 Post-Election Tax Policy Update from CCH explores how a Trump administration, along with a divided Congress, could shape the U.S. tax landscape in the coming months. Below are some highlights from the report that will help you prepare for what could be a dynamic year for tax planning.

One of the biggest issues on the horizon is the potential extension of the Tax Cuts and Jobs Act (TCJA). Trump has indicated he may seek to make the TCJA’s tax cuts permanent, especially for corporations. Currently, many provisions of the TCJA are set to expire by the end of 2025, which could mean a return to higher rates and reduced deductions for both individuals and businesses. Extending these provisions would likely require congressional action, and with a closely divided Congress, passing any new tax legislation could be a challenge.

BKR's post-election update from CCH provides a window into what may be ahead for U.S. tax policy, offering insights into these potential changes and the legislative dynamics that could influence them. To dig deeper into the details and stay informed on these changes, Download the full 2024 Post-Election Tax Policy Update here.