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Many of the Tax Cuts and Jobs Act (TCJA) provisions expire or change at the end of 2025. Without congressional action, taxes on individuals and corporations are scheduled to increase by approximately $3.5 trillion, with more than $2 trillion of it falling on individual taxpayers. Other expired and expiring tax provisions (for example, traditional “tax extenders”) not associated with the TCJA will also change, impacting businesses and individuals alike and adding to the scope of the so-called “tax cliff.”
The time to act is now
The 2024 presidential and congressional election outcomes mean a tax bill could happen quickly in 2025. Right now, taxpayers need to be identifying potential risks and opportunities and prioritizing issues and potential areas for policy engagement. By staying informed and actively involved, you can help shape the narrative and work to position your organization for success in 2025 and beyond.
Watch our video series on US election 2024
We explore how the election outcomes could influence public policy across key areas and offer insights into the legislative and regulatory changes shaping the business landscape.
Business implications of tax policy uncertainty
TCJA provisions expiring at the end of 2025 was one of the biggest tax policy concerns for respondents to EY’s Business Tax Policy Barometer survey (51%).
Tax policy uncertainty can have broad impacts on the economy – affecting companies’ revenue and capital expenditures as well as job creation. Scheduled changes to the TCJA and other recent tax policy proposals are bringing tax policy uncertainty into the spotlight. Two charts developed by the EY QUEST group highlight some of the implications for businesses.
About three-quarters of current tax policy uncertainty is attributable to recent and scheduled changes to the TCJA and tax policy changes proposed by the Biden Administration. Other US tax policy changes and tax policy changes occurring outside the United States were also considered drivers of uncertainty.
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QUEST offers rigorous research, economic consulting, statistical consulting and survey design services to help businesses make key data-driven decisions across a broad range of issues.
Washington Council Ernst & Young
Washington Council Ernst & Young offers clients timely, relevant Washington insights, tailored to their needs.
Sustainability tax
With urgent environmental and social action needed from business, the tax function has never had a more critical role in accelerating sustainability strategy and building long-term value.
Our latest thinking
Trump, taxes and ’25—what to expect on TCJA, tariffs and tax policy
Tax changes affecting businesses will happen in 2025. The question is how quickly they will be enacted and how expansive they will be.
The outlook for IRA tech-neutral tax credits
Businesses question what the future may hold for the clean energy production and investment tax credits enacted under the Inflation Reduction Act.
Prospects for budget reconciliation in 2025
If either political party sweeps both Congress and the White House, they may use budget reconciliation to advance their tax priorities.
Navigating 2025 tax policy uncertainty in mergers and acquisitions
Tax policy changes [in 2025] will have an important impact on the M&A market. Companies should stay abreast of upcoming policy activity.
2025 GOP trifecta: Trump's return, TCJA and other tax reforms
2025 GOP trifecta: President-elect Trump plans to enact major tax reforms likely through budget reconciliation.
A look ahead: President Donald Trump’s second term
A look ahead: President Donald Trump’s second term
Geostrategic Analysis: November 2024 edition
Read the November 2024 Geostrategic Analysis for our take on geopolitical developments and the impact of these political risks on international business.
The uncertain future of TCJA's IRC Section 199A
IRC Section 199A may expire at the end of 2025, causing tax implications for business owners.
Developments in state and local tax-related ballot measures
EY Indirect, State and Local Tax examines select state and local tax-related ballot measures.
Post-election 2024: key insights for business leaders
In this webcast, panelists will discuss how business leaders can anticipate and adapt to the evolving legislative and regulatory implications of the 2024 US elections.
State tax policy: potential impacts of the 2024 election
Results of the US elections are expected to impact state fiscal conditions and tax policy decisions in the years ahead.
Steps companies should take now to prepare for major tax legislation in 2025
Companies should prioritize their tax planning, advocacy, and modeling now to effectively navigate anticipated major tax legislation in 2025
How the 2024 US elections may affect the energy industry
EY's industry leaders discuss four 2024 election outcome scenarios shaping US energy tax policy and regulation.
Outcome of US presidential election will impact trade and tariffs
The outcome of the 2024 election is pivotal to global trade and could have a significant impact on trade policies, global partnerships, tariff structures.
Five tax issues to watch heading into 2025
The party that wins in November 2024, may lead to big changes in the tax code. Read about what the tax cliff means and what is expiring in 2025.
2024 elections and TCJA tax cliff: Analyzing 3 major scenarios
3 major scenarios that may determine TCJA tax cliff based on the 2024 elections.
Energy with EY: Enabling the energy transition with capital and workforce
Whether in energy or other industries, the energy transition will require different capital, financing, operations, technology and skills. Here’s why.
Episode 19: Super Bowl of Tax Pregame
In DC Dynamics episode 19: Super Bowl of Tax Pregame, Ray Beeman and Ryan Abraham walk though possible scenarios for how the Tax Cuts & jobs Act extension could be addressed if the election outcome is a red or blue wave—if one party sweeps—or if there is a divided government.
16m 4s
Expiration and change dates of various tax provisions may increase focus on tax policy
Several tax provisions are scheduled to sunset or change over the next few years, which may be a focus in an election year.
Budget reconciliation allows 51-vote Senate passage of revenue and spending bills under certain parameters.
US Tax Incentives for Hydrogen: A Clean Energy Solution
Learn how the government is incentivizing US companies to focus on hydrogen production as it’s a growing alternative energy source since the IIJA and IRA were enacted.
How to find certainty amid tax policy transformation
EY 2024 Tax Policy and Controversy Outlook explores what you should act on now and what you should keep an eye on next. Learn more.
BEPS 2.0: as policies evolve, engagement is key
It remains to be seen whether the US will align its tax law with the OECD/G20’s global BEPS 2.0 rules. MNEs will feel the impact in 2024. Learn more.
Our team
How EY can help
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Getting ready for global minimum taxes: EY can help you evaluate the impact on your organization and develop a robust, actionable plan. Learn more.
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Americas and US Tax Policy at Ernst & Young LLP is a one-stop resource for insights on national and state tax reform, tax policy, regulatory changes and legislation.
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Washington Council Ernst & Young (WCEY) is a tax, legislative and regulatory group within Ernst & Young LLP that combines the power of a leading professional services organization with the on-the-ground knowledge, personal relationships and attention to detail of a boutique Washington-insider firm.
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State and local taxes can significantly impact a company’s cash flow, effective tax rate and risk profile. Our network of dedicated state and local tax professionals combines technical knowledge with industry understanding and access to technologically advanced tools and methodologies.
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EY Sustainability Tax professionals can help your business realize your corporate sustainability strategy. Learn more.
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