President Joe Biden and former President Donald Trump will face off Thursday in the first presidential debate of the 2024 general election — and the presumptive nominees could show voters where they stand on tax policy, experts say.
One key issue is the Republicans' expiring tax breaks enacted via the Tax Cuts and Jobs Act of 2017, or TCJA.
Without action from Congress, several provisions will sunset after 2025, including lower federal income tax brackets, a boosted child tax credit and higher estate and gift tax exemptions, among others.
More than 60% of tax filers could face increased taxes in 2026 if TCJA provisions expire, according to the Tax Foundation.
Fully extending TCJA provisions could add an estimated $4.6 trillion to the deficit over the next decade, the Congressional Budget Office reported in May.
Persons:
Joe Biden, Donald Trump, —, Andrew Lautz, Trump, expirations
Organizations:
Tax Foundation, Biden, Finance, IRS, Congressional