Congress faces a major “tax cliff” in 2025 with the expiration of the individual components of the 2017 Tax Cuts and Jobs Act, otherwise known as the Trump tax cuts. This year’s elections will largely determine the fate of trillions of dollars in tax cuts and the course of policy for years to come. At stake are individual tax rates, the doubled standard deduction, the enlarged child tax credit, the new tax break for businesses that file as individuals, and the increased exemptions for the estate tax. The Washington Examiner is featuring a series this week on key considerations for this major tax battle. This first entry explores how the corporate tax rate is likely to turn into a major item of negotiation.
Next year is likely to see the biggest battle over the taxation of corporations in nearly a decade, a multifront engagement that will pit free marketers and big business against Democrats and populists.
