Last weekend, one of my posts was on the long list of ways the Republicans might pay for extending this year’s expiring Tax Cuts and Jobs Act of 2017 provisions and other Donald J. Trump tax proposals.
So, this weekend, it seems fitting to look at what those proposals might pay for.
I’m giving Saturday Shout Outs to some articles on possible revived, tweaked, and/or new tax laws in 2025.
The first is a slide show from ALM ThinkAdvisor on 14 Tax Changes Republicans Could Make in 2025. I know, these presentation take a bit more time, but at least read the introductory overview by Melanie Waddell, senior editor and Washington bureau chief of ThinkAdvisor.
Just extending the expiring provisions of the 2017 tax reform law is estimated to cost the government around $4.2 trillion between 2026 and 2035, according to a Washington, D.C., tax watcher who spoke with Waddell.
Then check out the 15 tax proposal slides she selected, which include each provision’s savings and costs presented over a 10-year budget window.
Yes, there are several state and local taxes (SALT) proposals, but also a look at suggested changes that would affect taxpayers ranging from single parents to workers abroad to those whose filings might catch an Internal Revenue Service auditor’s eye.
Next up is a video from the Tax Foundation. More precisely, it’s the YouTube version of the Washington, D.C.-based tax policy group’s podcast The Deduction. In this 20-minute episode, Will Your Taxes Go Up? Best- and Worst-case Scenarios for Tax Reform in 2025, cohosts Kyle Hulehan and Erica York and Daniel Bunn, president and CEO of the Tax Foundation, explore what needs to happen in tax policy this year to avert a fiscal crisis, discussing the best- and worst-case scenarios for taxpayers. If you prefer just audio, you can check out that version.
Finally, something for those concerned about what might happen to their business’ taxes as we move into the second Trump term. Elizabeth Gore, president and chairwoman of HelloAlice.com, the first-ever Artificial Intelligence (AI)-based digital adviser for business owners, says business owners won’t have to wait long.
Her article for Inc. magazine looks at How Trump Could Impact Small Business in the Administration’s First 100 Days. Yes, taxes make the list. Gore also wrote a follow-up piece for Inc., 7 Ways Trump’s Executive Orders Could Impact Business.
Now I’m off to spending the afternoon outdoors since it didn’t freeze last night and temperatures are predicted to hit the upper 50s. Whatever way choose to spend your Saturday, thanks for taking a few minutes to read this, and enjoy the rest of your day and weekend.
You also might find these items of interest:
- A look at the new government efficiency tsars' plans
- GOP Reps urge Trump to use EO to end IRS Direct-File
- IRS commissioner to resign Jan. 20 as Trump takes over
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