Integer’s Sandra Swirski, Grant Berkshire, and Geoff Paul recently wrote about what’s at stake going into 2025 tax reform, including factors that have evolved since the last time the tax code want through a major overhaul in 2017. Below are excerpts from a full article that can be foundation on WealthManagement.com.
February 27, 2024
To understand what’s at stake for taxes in this election and next year, it helps to reflect back on 2015, when then-presidential candidate Donald Trump began outlining his vision for the tax code. Republicans would soon win a majority in both chambers of Congress and take back the White House – ushering in what’s known as a ‘trifecta’ in DC. Trump and congressional Republicans promised tax relief for businesses and individuals, and they delivered. It wasn’t necessarily smooth sailing, but compared to our current Congress, things sure seemed rosier.
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Very Different Economic Landscape
The biggest shifts in our current economic landscape arose from the pandemic, which forced Congress’s hand. The public health emergency in 2020 led Washington to inject $4.6 trillion into the economy and caused disruptive and expensive supply-chain issues that pushed inflation to heights unseen since the early 80s. The Federal Reserve responded by aggressively hiking interest rates, helping to drive federal deficits skyward. And while prices seem to be stabilizing for now, polls show that voters remain unhappy with the economy. Indeed, the economy could weaken, especially if geopolitical developments escalate to crimp supply chains and drive up the price of goods.
To read the full article, visit WealthManagement.com.