Regardless of whether or not Vice President Kamala Harris or former President Donald Trump win the election on November 5th, both candidates will be forced to face major pressure points on the economy.
On the latest episode of Capitol Gains, Rachel Snyderman, Managing Director of Economic Policy from the Bipartisan Policy Center, joins Yahoo Finance’s Rachelle Akuffo, Washington Correspondent Ben Werschkul, and senior columnist Rick Newman to discuss all things economic policy, especially the future of the national debt and the expiration of temporary tax cuts that were enacted by former President Trump when he was in office.
“This is going to be the battle of 2025,” Snyderman says.
Many of the provisions passed in the Tax Cuts and Jobs Act, which was signed into law in 2017, are set to expire in 2025. They're something the new president and Congress will have to address shortly after taking office.
“This is going to touch nearly every single American and small business owner as we're going to be facing potential automatic increases in individual tax rates, income tax rates, and several other provisions in the code.”
Trump tax cuts and tariffs. What do we need to know in terms of how that math is going to end up mathing, not just for things like national debt, but your everyday consumer, your everyday voter, who doesn't really, perhaps, connect the dots between some of these things that Trump is is pushing for, and how that's actually going to affect them?
Well, thank you so much. It's great to be back with you all. Um, you know, I think this is an excellent question to start off a conversation because regardless of who wins the election, um, in the coming weeks, this is going to be the battle of 2025. Um, not only fiscal and tax policy, but particularly what lawmakers are going to do, come December 31st, 2025, when nearly five trillion dollars in temporary tax cuts that were, um, put into law back in 2017, will expire. This is going to touch nearly every single American and small business owner as we're going to be facing, um, potential automatic increases in individual tax rates, um, income tax rates, um, and several other provisions in the code. And so, you know, it really behooves us now to be thinking and and really asking policymakers and looking into plans for, um, how they're going to be, how they're going to be tackling this. And of course, as you know, um, all of this in the context of a larger fiscal outlook that is increasingly, um, more challenging to grapple with.
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To learn more, listen to Rachel’s thoughts in the full episode of Capitol Gains here.
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This post was written by Lauren Pokedoff.