Economy
The 2024 Election, Taxes, and Baseball!
October 18, 2024
It may be late in October, but Post-Season Baseball is not the only thing we’re following closely.1
We’re in the 9th inning of the 2024 election cycle and November 5th is standing on third base – 90 feet away from being the winning run. Despite there being many policy issues that separate the major political parties, tax reform has emerged as one of the most highly publicized and widely discussed topics for many American individuals, families, and businesses. In this educational guide, you’ll get an overview of each party’s current game plan for tax reform, as set forth by forth by Presidential candidates and play callers, Vice President Kamala Harris & former President Donald Trump.2
Whitepaper
The 2024 Elections, Taxes, and Baseball!
Explore the tax reform proposals by Vice President Kamala Harris and former President Donald Trump, set against the backdrop of the 2024 election and the impending expiration of several key provisions of the Tax Cuts and Jobs Act in 2026.
What’s at stake: The Tax Cuts & Jobs Act (TCJA) and the looming “fiscal cliff”
You may have heard in the news, in your attorney’s office, or from your LourdMurray advisors, about the upcoming changes to the tax rule book which are set to occur on January 1, 2026. This is when many of the provisions of former President Trump’s Tax Cuts and Jobs Act (TCJA) are scheduled to expire. As it stands, these are the highlights of changes we can expect in the tax code:
Does time expire on these provisions, or will they remain in place for extra innings? The answer to this question will largely depend on which candidate, and party, declares victory in the 2024 Presidential and Congressional elections. With Republicans represented in red, and Democrats represented in blue, this is what we know about each candidate’s current line-up of tax proposals.
Top of the Order: The heavy hitters
Bottom of the Order: Credits and deductions
While each candidate is standing firm on their respective play calls for new tax policy, the party most likely to take the game and successfully pass their administration’s tax legislation will be the one to hit the grand slam – winning the Presidential race and respective party control of both the House & Senate. Given the current divided state of Congress, and the inability of either party to pass legislation with enough votes in both chambers, it remains to be seen how this will play out post-November 5th.
Stay tuned with LourdMurray for the latest updates on tax reform. Keep informed and consult with your trusted financial, tax, and legal advisors to make the most of any changes in your planning strategy.
1 The information contained in this article is factual in nature, and in no way is meant to be interpreted as support for any political party.
2 This information is subject to change as new or differing information is released by each candidate. This publication contains publicly available information through October 10, 2024.
3 The Tax Cuts and Jobs Act of 2017 (TCJA), Pub. L. No. 115-97 (2017).
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