There is no hiding; we are in an election season. Social media, cable news outlets and print news mediums are abuzz with a continuous stream of 2024 presidential election content on an array of topics (some trivial and others particularly important). However, one such area that is highly relevant to selecting a U.S. president is the area of tax policy. With this in mind, now is the time to best understand the tax policy positions of each candidate.

In the upcoming live (free!) webinar Tax Policies of the Presidential Candidates, an expert panel of Wolters Kluwer tax experts will speak on this very important subject.

Pressing tax matters at hand

In the last election of 2020, there were few tax policies at play between the two presidential candidates. That is not the case this time around. Due in part to the use of the budget reconciliation process in passing the Tax Cuts and Jobs Act of 2017 (TCJA), much of President Trump’s signature legislation comes with a built-in sunset date of 2025.

Only a small part of the TCJA is permanent. So, whoever wins the presidency this November will be tasked with working with Congress to decide what aspects of TCJA will be permanent versus what will regress back to the standards eight years ago.

TCJA deadlines in focus

With many TCJA sunsetting deadlines fast approaching, consumers will surely be calling/emailing/texting their respective tax pros shortly after election day for guidance on impacted areas such as:

• Individual taxation rates – Is change inevitable for the current TCJA tax brackets of 10, 12, 22, 24, 32, 35 and 37%?
• Capital gains/dividends – Will the TCJA capital gains rates of 0, 15, and 20% for capital gains and qualified dividends (based on individual status) change?
• Taxation of tips – What do each of the presidential candidates promise in this gig economy focused area of the economy?
• Social Security taxation – Will seniors have a reason for optimism in 2025?
• Child tax and earned income tax credits – Can taxpayers expect to retain or see increased credits related to these areas?
• Corporate tax rates – Will businesses that enjoyed the low 21% rate over the last eight years be in for a pleasant or unpleasant surprise as we enter 2025?
• Estate taxes – Will the double exclusion amounts for both estate, gift and generation-skipping transfer tax continue?
• International taxation – Where does each candidate stand on U.S.-connected income as well as industry specific tariffs (which are the primary forms of taxing foreign businesses)?

While the abovementioned areas (most of which are related to TCJA sunsetting provisions) are front and center on the minds of tax pros, they do not account for new proposals floated by each candidate over the last few weeks.

Be prepared for each presidential outcome scenario

In summary, as the campaigns of each candidate wind down, one will have to wait to learn which of the above-mentioned outcomes are most likely to occur. However, one does not have to stand still. NATP members are encouraged to attend a free, CPE credited live webinar Tax Policies of the Presidential Candidates on Thursday, Oct. 3, at 2 p.m. ET. Learn the tax policy specifics of both major presidential candidates (as we know them now) + much more.