With the economy humming and larger deficits looming, it may not seem like the best time to push for additional tax reforms. But the “Tax Reform 2.0” legislation is about keeping the discussion going and recognizing there are still ways to improve the tax code without harming the budget.
The Tax Cuts and Job Act, or TCJA, cut taxes and simplified the filing process for most people. But many of these changes are temporary and scheduled to expire at the end of 2025. The first priority of Congress should be to provide certainty to individual taxpayers on whether they will get to keep their tax cuts and fix parts of the code the TCJA left untouched.
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