17 Dec 2024
“We’re Not in Kansas Anymore, Toto.” Prospects for 2025 Tax Legislation
With Republican control of the White House, the Senate, and the House of Representatives, President-elect Donald J. Trump is expected to support a wide range of policies including raising tariffs and lowering taxes. Possibilities include $2 trillion in tax cuts in addition to $4 trillion in cuts derived from Tax Cuts and Jobs Act (TCJA) extensions, maybe cutting corporate taxes even further than the present 21% top rate. Read this white paper by Greenberg Traurig attorneys providing a transition overview and policy priorities
Related Content
- Tax Cuts and Jobs Act of 2017
Review this practice note regarding provisions of the Tax Cuts and Jobs Act of 2017 (which was its common title) which had been passed by Congress on December 20, 2017, and signed by former President Donald J. Trump on December 22, 2017. The legislation included sweeping individual, corporate, and international tax reforms which are largely set to expire beginning in 2026. What’s next by a Republican-majority Congress?
- GOP Threats To IRS Funds Risk Halting Agency Progress
See how, while the Inflation Reduction Act provided additional funding to the IRS to pursue enforcement measures, Republicans will likely seek to cut IRS funding when they take control of the House, Senate, and White House next year, threatening to roll back increases in IRS staffing, enforcement, and technology. IRS efforts likely will be diminished or halted.
Practical Guidance Updates
Featuring the latest updates from your Practical Guidance account.
- Tax Key Legal Developments Tracker (Federal)—keep up to date with key legal developments!
- Business Entities. IRS and Treasury issue final regulations relating to recourse liabilities of a partnership and special rules for related persons, affecting partners and partnerships. Recourse Partnership Liabilities and Related Party Rules, T.D. 10014, 89 Fed. Reg. 95108 (Dec. 2, 2024).
- Business Entities. IRS and Treasury issued final regulations to implement the advanced manufacturing investment credit established by the CHIPS Act of 2022 to incentivize the manufacture of semiconductors and semiconductor manufacturing equipment within the United States. 89 Fed. Reg. 84732 (Oct. 23, 2024), 89 Fed. Reg. 92793 (Nov. 25, 2024) (corrected).
- Excise Taxes and Credits. IRS and Treasury issue guidance regarding the sustainable aviation fuel (SAF) credits under I.R.C. §§ 40B and 6426(k). R.S. Notice 2024-74.
- Inflation Reduction Act: Tax Provisions Tracker—keep up to date with key legal developments regarding the Inflation Reduction Act of 2022.
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- New! Discover Practical Guidance Content and Resources
Review this informative guide featuring some of the recent content additions to Practical Guidance, designed to help you find the tools and insights you need to work more efficiently and effectively.
- New and Recently Updated Practical Guidance Content
- Expatriation Tax: The Tax Consequences of Renouncing U.S. Citizenship
- Allocating PTEP in an I.R.C. Section 355 Transaction
- Stock Repurchase Excise Tax: Foreign Corporations
- Tax Implications of Name, Image, and Likeness (NIL) Rights and Collectives
- Tax Court's Application of Strict Construction Rule in Interpreting Treasury Regulations: KPMG Article
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