Americans currently pay a wide variety of federal taxes on earned income, investment income, estates, gifts, alcohol, tobacco, and tariffs on numerous imports. Americans also pay state and local taxes on real property, personal property, retail sales, alcohol and tobacco.
No matter who becomes president in January 2025, Americans must be prepared for a great deal of heat—and perhaps some light—on taxes over the next year. At the top of the list will be former president Trump’s 2017 Tax Cut and Jobs Act (TCJA), the provisions of which expire in December 2025. Congress must grapple with calls to extend many of the law’s provisions as the country faces continuing large federal budget deficits. It is unclear how the new 119th Congress may deal with TCJA expiration, and what the US tax code may look like after 2025.
Hellbound and Down 