Parts of the 2017 Tax Cuts and Jobs Act expire in 2025, and experts will be closely watching to see where GOP presidential hopefuls stand on extending it.
"On the Republican side, I think they're all kind of aligned around the issue, that the Tax Cuts and Jobs Act was good, and we should extend this thing," he said.The problem, however, is that the Congressional Budget Office estimates extending the TCJA would add roughly $3 trillion to the federal budget deficit.
SECOND REPUBLICAN PRESIDENTIAL NOMINATION DEBATE POTENTIAL ‘CAGE FIGHT' WHERE 'THE RUBBER MEETS THE ROAD' The original law was partially paid for by the so-called SALT deduction cap, which limits the amount of state and local taxes that Americans can deduct from their federal taxes to $10,000. That cap is also poised to end in 2025.
However, the SALT cap as a revenue generator has lost some potency since 2017, thanks to fresh workarounds. "This is going to be another challenging thing for them to navigate," Gimigliano said. The final debate list has not yet been finalized, but the expected debate participants include Florida Gov. Ron DeSantis, businessman Vivek Ramaswamy, former Vice President Mike Pence, former South Carolina Gov. Nikki Haley, South Carolina Sen. Tim Scott and former New Jersey Gov. Chris Christie.U.S. Stock Market Quotes
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