Trump's Tax Cuts and Fiscal Cliff
The 2017 Tax Cuts and Jobs Act is set to expire in 2025, potentially resulting in tax increases for many Americans. The upcoming presidential and congressional elections will determine whether the tax cuts will be extended or allowed to expire. Different scenarios under a Trump or Biden administration could lead to varying outcomes for tax policy.
Key Points
- 2017 Tax Cuts and Jobs Act set to expire in 2025
- Election outcomes will determine fate of tax cuts
- Different scenarios under Trump or Biden administration
Pros
- Potential for faster economic growth with full extension of tax cuts in the short term
Cons
- Potential tax hikes for many Americans if tax cuts expire
- Uncertainty in tax policy based on election outcomes