Uncertainty surrounding fate of Tax Cuts and Jobs Act post-2024 elections

From Investing.com: 2024-09-22 05:00:00

The fate of the Tax Cuts and Jobs Act (TCJA) passed in 2017 is a major issue post-2024 elections. Discussions are intense about extending or letting it expire by December 31, 2025, as it could impact tax rates, federal budget, and economic growth. Wells Fargo economists highlight scenarios if the TCJA expires, there could be a tax hike in 2026 but may not lead to a recession. Extending the TCJA would add $4.6 trillion to the deficit over a decade with little change in economic growth projections. The outcome will depend on the 2024 election results, with Republicans favoring extension and Democrats considering a partial one.



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