Implications of Upcoming Tax Changes

The expiration of the tax cuts implemented by Donald Trump in 2017 will significantly affect US taxpayers and the economy, with personal tax cuts set to rise unless Congress intervenes. The complexity of tax structures will likely increase, resulting in higher tax rates for most Americans by 2026, unless there is an extension of these cuts. While extending the cuts could mean trillions in lost revenue over the next decade, not acting could also result in a detrimental impact on the economy, as increased tax rates may slow down growth. This political scenario places candidates like Trump and Kamala Harris in positions where their proposals will directly influence the upcoming election and the future of US tax policy.