As the highly anticipated 2024 US presidential election unfolds, the impending expiration of the Tax Cuts and Jobs Act (TCJA) provisions at the end of 2025 has significant implications, regardless of whether Vice President Kamala Harris or former President Donald Trump is elected.

To discuss this development, EisnerAmper National Tax Office co-leader Jeff Kelson joins Wealth!

"Congress acts best when there's a deadline," Kelson notes, indicating that the TCJA expiration will likely take priority on the legislative agenda. He highlights potential changes to state tax exemptions, business deductions, tax rates, capital gains rates, and standard deductions.

"Depending on which candidate wins, it has gigantic differences about what might transpire," Kelson tells Yahoo Finance.

However, Kelson cautions that even with the 2025 expiration, taxpayers won't see actual tax changes or impacts until 2026.

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This post was written by Angel Smith