12/13/2024

Post-election Tax Implications & Potential Changes

With a projected unified GOP Congress, early legislative wins seem likely

President-elect Donald Trump is set to return to the White House in 2025, a year already primed for major federal tax developments.

With a projected unified GOP Congress—Republicans having regained the Senate and maintained control of the House—early legislative wins seem likely. Chief among them is the anticipated extension and expansion of Trump’s hallmark 2017 tax reform, the Tax Cuts and Jobs Act (TCJA).

During his campaign, Trump hinted at several initiatives that could be included in a TCJA update or new legislation. Here’s a closer look at potential changes for businesses and individual taxpayers in 2025 and beyond.

Please select this link to read the complete article from OSAP Mission Partner Clark Schaefer Hackett (CSH).