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Previously, the Tax Cuts and Jobs Act in 2017 (TCJA) overhauled the federal tax code by reforming individual and business taxes. It was pro-growth reform, significantly lowering marginal tax rates and cost of capital. It was estimated to reduce federal revenue by $1.47 trillion over 10 years before accounting for economic growth.
The provisions in the 2017 Tax Cuts and Jobs Act were supposed to expire at the end of 2025. However, because of the 2024 election results, with Donald Trump winning the presidential race and the House and Senate set to be controlled by Republicans, it is predicted that the tax provisions in the TCJA could be extended. Of course, this is just speculation at this time.
That said, the information contained within this planning letter is based on federal laws and policies in effect as of the publication date. We encourage you to consult with us when making tax and financial decisions regarding any of the items on the following pages.