Raw: [Trump vs. Biden: What a presidential election rematch could mean for your taxes CNBC] {Article Source: https://www.cnbc.com/2024/03/07/trump-vs-biden-what-presidential-election-rematch-may-mean-for-taxes.html}
Skip NavigationwatchliveMarketsPre-MarketsU.S. MarketsCurrenciesCryptocurrencyFutures & CommoditiesBondsFunds & ETFsBusinessEconomyFinanceHealth & ScienceMediaReal EstateEnergyClimateTransportationIndustrialsRetailWealthSportsLifeSmall BusinessInvestingPersonal FinanceFintechFinancial AdvisorsOptions ActionETF StreetBuffett ArchiveEarningsTrader TalkTechCybersecurityEnterpriseInternetMediaMobileSocial MediaCNBC Disruptor 50Tech GuidePoliticsWhite HousePolicyDefenseCongressEquity and OpportunityCNBC TVLive TVLive AudioBusiness Day ShowsEntertainment ShowsFull EpisodesLatest VideoTop VideoCEO InterviewsCNBC DocumentariesCNBC PodcastsCNBC WorldDigital OriginalsLive TV ScheduleWatchlistInvesting ClubTrust PortfolioAnalysisTrade AlertsMeeting VideosHomestretchJim's ColumnsEducationSubscribeSign InPROPro NewsPro LiveFull EpisodesStock ScreenerMarket ForecastOptions InvestingChart InvestingSubscribeSign InMenuMake ItselectALL SELECTCredit Cards Loans Banking Mortgages Insurance Credit Monitoring Personal Finance Small Business Taxes Help for Low Credit Scores Investing SELECTAll Credit CardsFind the Credit Card for YouBest Credit CardsBest Rewards Credit CardsBest Travel Credit CardsBest 0% APR Credit CardsBest Balance Transfer Credit CardsBest Cash Back Credit CardsBest Credit Card Welcome BonusesBest Credit Cards to Build CreditSELECTAll LoansFind the Best Personal Loan for YouBest Personal LoansBest Debt Consolidation LoansBest Loans to Refinance Credit Card DebtBest Loans with Fast FundingBest Small Personal LoansBest Large Personal LoansBest Personal Loans to Apply OnlineBest Student Loan RefinanceSELECTAll BankingFind the Savings Account for YouBest High Yield Savings AccountsBest Big Bank Savings AccountsBest Big Bank Checking AccountsBest No Fee Checking AccountsNo Overdraft Fee Checking AccountsBest Checking Account BonusesBest Money Market AccountsBest CDsBest Credit UnionsSELECTAll MortgagesBest MortgagesBest Mortgages for Small Down PaymentBest Mortgages for No Down PaymentBest Mortgages with No Origination FeeBest Mortgages for Average Credit ScoreAdjustable Rate MortgagesAffording a MortgageSELECTAll InsuranceBest Life InsuranceBest Homeowners InsuranceBest Renters InsuranceBest Car InsuranceTravel InsuranceSELECTAll Credit MonitoringBest Credit Monitoring ServicesBest Identity Theft ProtectionHow to Boost Your Credit ScoreCredit Repair ServicesSELECTAll Personal FinanceBest Budgeting AppsBest Expense Tracker AppsBest Money Transfer AppsBest Resale Apps and SitesBuy Now Pay Later (BNPL) AppsBest Debt ReliefSELECTAll Small BusinessBest Small Business Savings AccountsBest Small Business Checking AccountsBest Credit Cards for Small BusinessBest Small Business LoansBest Tax Software for Small BusinessSELECTAll TaxesFiling For FreeBest Tax SoftwareBest Tax Software for Small BusinessesTax RefundsTax BracketsTax TipsTax By StateTax Payment PlansSELECTAll Help for Low Credit ScoresBest Credit Cards for Bad CreditBest Personal Loans for Bad CreditBest Debt Consolidation Loans for Bad CreditPersonal Loans if You Don't Have CreditBest Credit Cards for Building CreditPersonal Loans for 580 Credit Score or LowerPersonal Loans for 670 Credit Score or LowerBest Mortgages for Bad CreditBest Hardship LoansHow to Boost Your Credit ScoreSELECTAll InvestingBest IRA AccountsBest Roth IRA AccountsBest Investing AppsBest Free Stock Trading PlatformsBest Robo-AdvisorsIndex FundsMutual FundsETFsBondsUSAINTLwatchliveSearch quotes, news & videosWatchlistSIGN INMarketsBusinessInvestingTechPoliticsCNBC TVWatchlistInvesting ClubPROMenuPersonal FinanceTrump vs. Biden: What a presidential election rematch could mean for your taxesPublished Thu, Mar 7 20243:34 PM ESTKate Dore, CFP®WATCH LIVEKey PointsWith looming tax law changes slated for after 2025, President Joe Biden or former President Donald Trump would face several expiring tax provisions.”If Congress doesn't act, taxes will increase for the vast majority of U.S. households,” said Howard Gleckman, senior fellow at the Urban-Brookings Tax Policy Center. Donald Trump, left, and President Joe Biden during the final presidential debate at Belmont University in Nashville, Tennessee, on Oct. 22, 2020.BRENDAN SMIALOWSKI | AFP | Getty ImagesWith looming tax law changes slated for after 2025, there's a lot at stake this election cycle and voters are already seeing plans from President Joe Biden and former President Donald Trump.After both candidates dominated Super Tuesday contests, the expected rematch may include familiar tax proposals, experts say.The White House on Thursday released some of Biden's tax priorities ahead of his State of the Union speech. These include renewed plans to “make the tax system fairer,” with cuts for working families and hikes for the wealthy and large corporations.More from Personal Finance:
What to expect in Biden's State of the Union on Social Security, Medicare
What the SEC vote on climate disclosures means for investors
As late payments rise, credit card users face 'consequences' from falling behind”After the election, there's going to be a major tax debate with trillions of dollars on the table,” said Chuck Marr, vice president for federal tax policy for the Center on Budget and Policy Priorities.Enacted in 2017, Trump's signature tax overhaul — known as the Tax Cuts and Jobs Act — included individual tax provisions slated to sunset after 2025.Without changes from Congress, individuals will see higher federal income tax brackets, a larger standard deduction, a smaller child tax credit and more. “Whoever is inaugurated on January 20, 2025, is immediately going to confront the need to do something about those expiring tax provisions,” said Howard Gleckman, senior fellow at the Urban-Brookings Tax Policy Center.If Congress doesn't act, taxes will increase for the vast majority of U.S. households.Howard GleckmanSenior fellow at the Urban-Brookings Tax Policy Center”If Congress doesn't act, taxes will increase for the vast majority of U.S. households,” he said. “No politician wants to see that happen.”However, amid Congressional budget debates, the cost of extending Tax Cuts and Job Act provisions could pose a challenge.Extending individual tax provisions would increase budget deficits by $2.5 trillion over the baseline from 2024 to 2033, not including debt service costs, according to estimates from the Congressional Budget Office.Plans to extend individual provisionsWhile Trump hasn't shared many specifics for individual tax policy, it's expected that he wants to make his individual cuts permanent, according to Erica York senior economist and research manager with Tax Foundation's Center for Federal Tax Policy.Meanwhile Biden's fiscal year 2024 budget expressed a desire to extend the individual expirations for those making less than $400,000, she said.”For 98% of taxpayers, President Biden wants to continue President Trump's tax cuts,” York said. “The differences come out in what they would do with the rest of the tax code.”watch nowVIDEO3:3503:35President Biden's State of the Union is a way to draw contrast to TrumpWorldwide ExchangeSubscribe to CNBC PROSubscribe to Investing ClubLicensing & ReprintsCNBC CouncilsSelect Personal FinanceCNBC on PeacockJoin the CNBC PanelSupply Chain ValuesSelect ShoppingClosed CaptioningDigital ProductsNews ReleasesInternshipsCorrectionsAbout CNBCAd ChoicesSite MapPodcastsCareersHelpContactNews TipsGot a confidential news tip? We want to hear from you.Get In TouchCNBC NewslettersSign up for free newsletters and get more CNBC delivered to your inboxSign Up NowGet this delivered to your inbox, and more info about our products and services.Advertise With UsPlease Contact UsPrivacy PolicyCA NoticeTerms of Service© 2024 CNBC LLC. All Rights Reserved. A Division of NBCUniversal
Data is a real-time snapshot *Data is delayed at least 15 minutes.
Global Business and Financial News, Stock Quotes, and Market Data
and Analysis.
Market Data Terms of Use and DisclaimersData also provided by
