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Tax Notes Talk
2025 U.S. Tax Legislation Forecast
Jan 3, 2025
Jeremy Scott, Tax Analysts Chief Operating Officer, shares his expert insights into the evolving landscape of U.S. tax legislation. He discusses the limited changes anticipated in 2024 due to a divided government and how IRS funding challenges may impact operations. Scott delves into the future of the bipartisan direct file program and the expected tax policies under a potential Trump administration, highlighting significant implications for IRS scrutiny and taxpayer litigation opportunities. These insights paint a vivid picture of the complexities ahead for U.S. taxation.
24:08
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Quick takeaways
- In 2024, no significant U.S. tax legislation progressed due to the presidential election's divided government, shifting focus towards IRS operational scrutiny.
- The upcoming 2025 tax legislation may see active Republican-led proposals to modify existing tax laws, balancing potential cuts with revenue-raising measures.
Deep dives
Overview of 2024 U.S. Tax Policy Changes
In 2024, significant changes to U.S. tax policy were minimal due to it being a presidential election year with divided government. While there were discussions and some momentum for tax legislation, no major laws were passed. Instead, the focus shifted to tax administration issues, particularly with the IRS facing scrutiny and criticism from Republicans about its operations and the use of its $80 billion funding. Disputes arose concerning frozen IRS funds and how this funding would be managed under a new administration, indicating potential conflicts ahead.
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Discover
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