Trump's Tax Cuts Are Set to Expire in 2025, Affecting Nearly 62% of Taxpayers

Benzinga

With the 2024 presidential election approaching, the future of the 2017 Tax Cuts and Jobs Act hangs in the balance. Set to expire after 2025, the TCJA provided tax cuts for 62% of taxpayers. If Congress does not intervene, these cuts will end, raising tax bills for millions. Donald Trump and Kamala Harris are proposing tax reforms with overlapping ideas, like expanding the child tax credit and eliminating taxes on tips, while their broader tax policies diverge. A recent Gallup poll shows that 56% of Americans feel they pay too much in taxes, while only 22% believe they receive valuable services in return.

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00:00It's Benzinga, and here's what's on the block.

00:02With the 2024 presidential election approaching, the future of the 2017 Tax Cuts and Jobs Act

00:08hangs in the balance.

00:10Set to expire after 2025, the TCJA provided tax cuts for 62% of taxpayers.

00:17If Congress does not intervene, these cuts will end, raising tax bills for millions.

00:22Both Donald Trump and Kamala Harris are proposing tax reforms with overlapping ideas like expanding

00:27the child tax credit and eliminating taxes on tips, while their broader tax policies

00:31diverge.

00:32A recent Gallup poll shows that 56% of Americans feel they pay too much in taxes, while only

00:3822% believe they receive valuable services in return.

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