Tax policy in the United States is likely to undergo major changes after the election of Donald J. Trump as the next president. The election campaign included frequent discussions about taxes on both sides. Now that Trump will begin a second term in January, what changes can be expected?
A major item on the horizon is that many of the Tax Cuts and Jobs Act of 2017 (TCJA), a significant tax act passed during Trump's first term, will expire at the end of 2025. Additionally, Trump made a number of promises on the campaign trail related to taxes.
Wolters Kluwer Legal & Regulatory U.S. has prepared a Vital Briefing discussing the promises made on the campaign trail and what is at stake.