With the election results finalized, business leaders are preparing for potential shifts in tax policy under the new administration. President-elect Trump’s focus on making the Tax Cuts and Jobs Act (TCJA) permanent has sparked interest in many Atlanta business owners. However, the details of the tax agenda remain unclear. As the fiscal debate unfolds, businesses will need to stay alert to the possible changes that could shape tax planning, optimization, and financial strategies in the years ahead. To help clients, prospects, and others, Wilson Lewis has provided a summary of the key details below.
The TCJA, enacted during Trump’s first term, overhauled the tax code by lowering corporate and personal tax rates, doubling the child tax credit, and changing the tax treatment of U.S.-based multinationals. While many provisions are permanent, more than 30 components are set to expire by the end of 2025, including Section 199A deduction for pass-through entities. Republican lawmakers have expressed a strong interest in extending these provisions through budget reconciliation, a process allowing legislation to pass with a simple Senate majority.
However, cost remains an obstacle. The Congressional Budget Office (CBO) estimates that making these provisions permanent would add $4.6 trillion to the national debt over ten years. These fiscal challenges may complicate efforts to pass tax legislation, even with Republican control of Congress.
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The coming months will bring clarity on how President-elect Trump’s tax agenda takes shape, but the uncertainty surrounding these proposals makes proactive planning critical. By staying informed and adapting strategies to align with potential changes, Atlanta businesses can position themselves for success. If you have questions about the information outlined above or need assistance with another tax or accounting issue, Wilson Lewis can help. For additional information call 770-476-1004 or click here to contact us. We look forward to speaking with you soon.
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