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Congress should approach TCJA expiration as a tax reform opportunity

By Kyle Pomerleau

Published July 10, 2024 6:00am ET

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Congress should approach TCJA expiration as a tax reform opportunity — FILE - The Capitol in Washington is seen at sunrise, Wednesday, Sept. 13, 2023. On one side of the Capitol, two senators have steered the debate over government funding mostly clear of partisan fights, clearing a path for bills to pass with bipartisan momentum. Steps away, on the House side of the building, things couldn’t be more different. House Republicans, trying to win support from the far-right wing of the party, have loaded up their government funding legislation with funding cuts and conservative policy priorities. Democrats have responded with ire, branding their GOP counterparts as extreme and bigoted and withdrawing support for the legislation. (AP Photo/J. Scott Applewhite, File)

In 2017, Congress passed, and former President Donald Trump signed, the Tax Cuts and Jobs Act into law. The TCJA made several improvements to taxation in the United States. But by no means was it perfect. Most of the individual income tax provisions are scheduled to expire at the end of 2025 and some provisions are not ideal.

Congress should not simply extend the law. They have an opportunity to build on the TCJA and pass fiscally responsible, pro-growth tax reforms.

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Congress Donald Trump Joe Biden Restoring America's Economy Tax Cuts and Jobs Act Taxes