What the New Congress Means for Your Taxes
As the new Congress takes shape in Washington D.C., many are wondering what changes for tax laws might be on the horizon. One notable proposal being pushed by the GOP is to make certain provisions of the Tax Cuts and Jobs Act (TCJA) permanent. Currently, these provisions are set to expire at the end of 2025. However, it is likely that any legislation of this nature would be vetoed by the president.
On the other side of the aisle, the Democrats are advocating for tax increases on wealthy individuals and large corporations. However, it seems unlikely that these proposals will gain enough support to pass into law.
It remains to be seen what changes to tax laws will be implemented by the new Congress, but it is clear that there will be plenty of debate and disagreement on the issue. Stay tuned for updates as the situation develops.