The Tax Stakes in 2025
The new GOP Congress must decide how to deal with the looming deadline of 2017’s TaxA Tax is a mandatory payment collected by local, State, and National governments from individuals and businesses to cover the cost of general government goods, services, and activities.
The new Republican trifecta faces some major decisions in the coming year. A large portion of the 2017 Tax Cuts and Jobs Act (TCJA), passed the last time Republicans controlled the White House and both houses of Congress, will expire at the end of 2025 without congressional action.Extending these provisions would be expensive. The Tax Foundation estimated that they would cost $4.2 trillion in the next 10 year period, but this figure drops to “just” $3.50 trillion when economic growth is taken into account. If the individual tax provisions were to expire, 62 per cent of filers would face a tax hike. What are the details? And what should policymakers prioritize?
This is a preview of our full op-ed originally published in The Dispatch.
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