President-elect Donald Trump will face significant challenges when he assumes office on Jan. 20 on foreign and domestic matters. Long-term solutions to all of these problems will require cooperation from Congress. But when it comes to dealing with China, Ukraine, and illegal immigration, Trump will be able to make significant short-term progress with executive action alone.

The same is not true on the economic front. The clock is ticking on the signature domestic achievement of Trump’s first term, the Tax Cuts and Jobs Act. Without congressional action, it will expire on Dec. 31, 2025, which would directly raise individual taxes on almost everyone and would indirectly raise them on everyone through higher corporate rates.