Jim Franklin from Western Governors University points out that the fate of the Tax Cuts and Jobs Act hangs in the balance as it is set to expire in 2025 without legislative action. The significance of this moment shouldn't be underestimated given it represents the most significant tax reform in three decades.
Franklin notes that with a Republican president and a likely majority in Congress, Republicans can pass tax legislation along party lines. This unification challenge may shape their legislative approach moving forward.
The split within the Republican Party is highlighted by the Congressional Budget Office's estimate that extending the Tax Cuts and Jobs Act could cost $4.6 trillion. Some members are pushing for a full extension while others advocate for balanced tax policies.
Republicans' traditional stance on lower tax rates is emphasized, indicating they will likely push for the retention of key provisions like the higher standard deduction and reduced corporate tax rates as they prepare for the coming legislation.
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