Republican control of the presidency and Congress following the 2024 election has raised expectations for extending the 2017 Tax Cuts and Jobs Act, but progress remains slow. The TCJA is set to expire on Dec. 31, 2025, potentially increasing taxes for many Americans by reverting brackets and credits to pre-2018 levels, according to a report by Kitces. The House has proposed $4.5 trillion in tax cuts over 10 years to nearly match the $4.6 trillion cost of extending TCJA provisions. The Senate has offered a $1.5 trillion plan that uses an accounting approach to make TCJA rules permanent and allow for additional cuts. Differences between the chambers leave the future of tax policy uncertain heading into 2026.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Publicly control of the presidency and Congress found the 2024 election
00:05has raised expectations for extending the 2017 Tax Cuts and Jobs Act.
00:10The progress remains slow.
00:12TGCA is set to expire on December 31st, 2025,
00:15potentially increasing taxes for many Americans
00:17by reverting brackets and credits to pre-2018 levels, according to report by Kitsis.
00:22The House has proposed $4.5 trillion in tax cuts over 10 years,
00:26nearly back to the $4.6 trillion cost of extending TCGA provisions.
00:30The Senate has offered a $1.5 trillion plan,
00:33used as an accounting approach to make TCGA rules permanent
00:36and allow for additional cuts.
00:38The differences between the chambers leave the future of tax policy uncertain heading into 2026.
00:43For all things money, visit Benzinga.com slash GSTV.