The 2024 elections: Anticipating tax policy changes

The 2024 elections: Anticipating tax policy changes

Now that the party conventions have concluded, what will the 2024 election mean for tax policy? In this special edition episode of the Tax News & Views podcast, host Carrie Falkenhayn sits down with Jon Traub and Anna Taylor from Deloitte’s Tax Policy group to discuss potential changes to the financial and tax landscapes. Jon and Anna discuss the differences in the Harris and Trump tax proposals, the expected shifts in tax legislation, and the expiration of TCJA provisions, as well as changes to individual rates, corporate taxes, and deductions.

We know they’re not going to cut entitlement programs like Medicare and Social Security. Those are politically very difficult conversations to have. It’s highly unlikely that they can find other tax increases in the individual space to offset the entire cost of more than $4.5 trillion. So, if they’re going to pay for this big tax bill next year, corporate revenue raisers, whether in the form of higher rate or broader base, or very possibly both, are on the menu.

                                                                                                     —Anna Taylor        

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