With the contentious 2024 elections behind us, we can finally focus on President-elect Donald Trump’s agenda for the economy, taxes and jobs. With Republicans flipping the Senate (and White House) and also retaining the majority in the House of Representatives, the president-elect should have control and a voter mandate that could dramatically streamline the legislative process in his second term.
As you start year-end planning for your clients, you’ll want to familiarize yourself with the many potential 2025 tax changes to ensure more thorough analyses and productive client discussions. Many tax policy experts believe Republicans are likely to use a process called budget reconciliation, which allows for budget legislation to be passed out of the House and Senate via a simple majority.
Trump’s landmark tax legislation from his first term — the 2017 Tax Cuts and Jobs Act — remains intact even after Democrats won the White House in 2020. But most TCJA provisions are set to expire in 2026 as part of the original legislation passed seven years ago. As such, the TCJA will be the centerpiece of Trump’s new tax and economic platform.
However, there are many new additions to the TCJA that you and your clients will want to keep an eye on. Let’s look at the potential impact of 11 of the most important ones, thanks to a
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