Republican control of the presidency and Congress following the 2024 election has raised expectations for extending the 2017 Tax Cuts and Jobs Act, but progress remains slow. The TCJA is set to expire on Dec. 31, 2025, potentially increasing taxes for many Americans by reverting brackets and credits to pre-2018 levels, according to a report by Kitces. The House has proposed $4.5 trillion in tax cuts over 10 years to nearly match the $4.6 trillion cost of extending TCJA provisions. The Senate has offered a $1.5 trillion plan that uses an accounting approach to make TCJA rules permanent and allow for additional cuts. Differences between the chambers leave the future of tax policy uncertain heading into 2026.
