Senate Democrats said they are coming up with a 'menu' of tax proposals for 2025 as they prepare for the expiration of the 2017 Tax Cuts and Jobs Act.
Senate Democrats are starting to prepare for an impending battle over the expiration of key parts of a Trump-era tax law next year that could result in higher taxes on wealthy Americans and corporations. At a meeting last week, Senate Finance Committee Democrats said they are working on a number of different tax provisions they want to address as part of the 2025 fiscal cliff, including steeper taxes on wealthy individuals and multinational corporations.
However, those changes to the individual section of the tax code are poised to sunset in 2025, meaning that many taxpayers – including those who earn less than $400,000 – will face steeper levies if the law is not extended. "If lawmakers allow full expiration to occur, most Americans will see their personal tax bills rise and incentives for working and investing worsen," said Erica York, senior economist and research director at the Tax Foundation. Sen. Ron Wyden, D-Ore.
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