United States | Taxonomies

What America’s presidential election means for taxes

The second in our series of policy briefs

Illustration of scissors cutting a Tax paper in half. The scissors are red and the paper is blue.
Illustration: Ben Hickey
|WASHINGTON, DC

NOT ONLY are taxes one of the only certainties in life, they are also one of the only certainties in this election. That is because of the looming expiration of tax provisions passed in 2017, the main legislative accomplishment of Donald Trump’s term in the White House. This presents a fiscal cliff. By the end of 2025 whoever is president must sign new rules into law, or most Americans will see sharply higher income taxes.

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