2024 Presidential Election Tax Guide: Key Issues & Policies
(Updated November 7, 2024)
The ballots have been counted, and former President Donald Trump has won the 2024 presidential election. Republicans have reclaimed control of the Senate, and control of the House of Representatives is still up for grabs, with dozens of races yet to be called.
Coming out of the Nov. 5 election, persistent economic uncertainty looms large on voters’ minds. Stubborn inflation and high interest rates put the economy front and center in the presidential race. Many taxpayers are focused on key provisions of the 2017 Tax Cuts and Jobs Act (TCJA) set to expire in 2025 if no action is taken. These include everything from SALT caps, adjusted tax brackets and limitations on itemized deductions to reductions of the alternative minimum tax (AMT), qualified business income (QBI) deductions for pass-through business income, the deduction for research and experimentation costs, and much more.
The expiring TCJA provisions must be addressed in 2025 and will be a focus for both political parties. Taxpayers also will closely monitor legislative proposals to stimulate economic growth and reduce the budget deficit.
Your CBIZ tax team has you covered. We’ll continue to monitor these issues once the new Administration and Congress's agendas take shape.
Election 2024: Download Your Guide to the Presidential Candidates’ Positions
As we inch closer to the November election, persistent economic uncertainty looms large on voters’ minds. Stubborn inflation and high interest rates put the economy front and center in the presidential race. Many taxpayers are focused on key provisions of the 2017 Tax Cuts and Jobs Act (TCJA) set to expire in 2025 if no action is taken. These include everything from SALT caps, adjusted tax brackets and limitations on itemized deductions to reductions of the alternative minimum tax (AMT), qualified business income (QBI) deductions for pass-through business income, the deduction for research and experimentation costs, and much more.
The expiring TCJA provisions must be addressed in 2025 and will be a focus for both political parties. Voters also will closely monitor proposals to stimulate economic growth and reduce the budget deficit.
Your CBIZ tax team has you covered. Our 2024 Presidential Election Tax Policy Guide includes an overview of each candidate’s positions on hot-button tax topics, as well as insights from our national tax professionals.
Topics include:
- Corporate and international taxes
- Capital gains tax
- Tax credits
- Estate and wealth tax
- Individual income taxes
- Trade-related tax
Throughout the guide, you will find helpful links and tax insights designed to guide conversations with your trusted tax advisor. CBIZ will continue to monitor the issues and update this guide as the candidates’ positions are made public.