The Big Tax Hike Coming in Just Over a Year

Odd Lots

Bloomberg

News, Investing, Business, News Commentary, Business News

4.4 • 1.6K Ratings

🗓️ 3 October 2024

⏱️ 54 minutes

🔗️ Recording | iTunes | RSS

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Summary

In 2017, Congress passed the Tax Cuts and Jobs Act, which may be better known as the Trump tax cuts. Due to the way fiscal policy works in the United States, a large component of the bill was temporary. And starting in 2026, millions of households are due to see higher taxes if the bill isn't extended or a new one is passed. Regardless of who wins the presidency, dealing with this tax hike is going to be a key political issue. But what is the TCJA? What was the idea behind it? And what happens if it expires? On this episode of the podcast we speak to Kevin Brady, who was the architect of the bill as the former Chairman of the House Ways and Means Committee. We discuss both the economics and the politics of passing tax reform, and what Brady hoped to accomplish when he created the law.

Read More: Trump Tax Cuts Would Cost More Than Almost All Federal Agencies

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