This combination of pictures created on October 25, 2024 shows US Vice-President and Democratic Presidential candidate Kamala Harris in Houston, Texas on October 25, 2024 and former US President Republican presidential candidate Donald Trump in East Del Valle, Austin, Texas on October 25, 2024.
As millions of Americans cast ballots on election day, advisors are bracing for major tax changes that could be on the horizon.
Enacted by former President Donald Trump, the Tax Cuts and Jobs Act of 2017, or TCJA, brought sweeping changes for individuals, including lower tax brackets, higher standard deductions, a more generous child tax credit and a bigger estate and gift tax exemption, among others.
Many of the individual TCJA provisions will sunset after 2025 without action from Congress, which will be a key issue for the next president, policy experts say.
However, planning can be complicated with several tax provisions scheduled to sunset, experts say.
Persons:
Kamala Harris, Donald Trump, Jim Guarino, Baker Newman Noyes
Organizations:
Democratic, Republican
Locations:
Houston , Texas, East Del Valle, Austin , Texas, Woburn , Massachusetts