Next year, 2025, is setting up to be a pivotal year when it comes to how our nation raises the money needed to pay for public services — things like health, housing, the nation’s safety net, and more.
The reason for this dates back to 2017. That year, Congress enacted the Tax Cuts and Jobs Act, better known as the Trump tax cuts. This tax package contained massive changes to our tax system that mostly amounted to huge tax cuts for the rich and corporations. For procedural reasons, as well as to mask the true costs of these massive tax cuts, Congress made some parts of the Tax Cuts and Jobs Act temporary. It gave them an expiration date. And that expiration date is 2025.
The expiration of parts of the Trump Tax plan offers an opportunity to reassess our nation’s tax policy, explains Samantha Jacoby, Deputy Director of Federal Tax Policy at the Center on Budget and Policy Priorities.
Policy for the People