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ARTICLE · 06 DECEMBER 2024

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2024 Elections – Key Policy Positions And Scenario Analysis

Brownstein Hyatt Farber Schreck
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Trump has made his top tax priority cementing his legacy of the Tax Cuts and Jobs Act of 2017 (TCJA, Pub. L. 115-97), by extending or making permanent the tax-rate reductions, including the 20% passthrough...

United StatesGovernment, Public Sector
Brownstein Hyatt Farber Schreck, LLP
Brownstein Hyatt Farber Schreck, LLP

Tax and Economic Policy

Tax and Economy – Presidential Positions

Donald Trump

  • Trump has made his top tax priority cementing his legacy of the Tax Cuts and Jobs Act of 2017 (TCJA, Pub. L. 115-97), by extending or making permanent the tax-rate reductions, including the 20% passthrough deduction and expanded estate-tax exclusion.
  • Trump has also proposed reducing the TCJA-enacted 21% corporate tax rate to 20% and further reducing the rate to 15% for domestic manufacturers.
  • On the campaign trail, Trump has proposed numerous tax-policy initiatives, including:
    • Eliminating federal taxation of tip income;
    • Eliminating federal taxation of overtime pay;
    • Eliminating the taxation of Social Security benefits;

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