Talking Tax
What Trump Victory Holds for IRS, Upcoming Tax Talks
Nov 6, 2024
In a captivating discussion, Kim Dixon, Bloomberg Tax's Deputy Team Lead for Federal Tax, shares insights on the potential implications of Donald Trump's second presidency on tax policy. The conversation highlights how the new Senate leadership, particularly Sen. Mike Crapo, may influence the fate of expiring provisions from the 2017 tax law. They delve into the contentious future of IRS funding and modernization efforts, especially concerning the Direct File program. Dixon also examines the uncertainties surrounding key IRS appointments and their strategic significance in the changing political landscape.
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Quick takeaways
- The upcoming term for Senate Finance Chair Mike Crapo will significantly influence the fate of expiring provisions from the Tax Cuts and Jobs Act.
- Republican plans to reduce IRS funding and opposition to the Direct File program highlight potential challenges for tax administration under Trump's presidency.
Deep dives
Implications of Election Results on Tax Policy
The election results indicate a significant shift in power with Republicans taking control of the Senate and Donald Trump becoming president-elect. One of the key figures in this new landscape is Mike Crapo, who is set to become the Senate Finance chair and will play a crucial role in discussions regarding the Tax Cuts and Jobs Act. With several provisions from this legislation set to expire by the end of 2025, there is intense debate on whether to extend or amend these tax measures, which have implications exceeding $4 trillion. The uncertainty surrounding the House of Representatives and the priorities of the new administration adds layers of complexity to the potential tax policies that could emerge in the upcoming sessions.
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