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There’s Tax Uncertainty Heading into 2025 as Congress Prepares to Negotiate President-elect Donald Trump’s Economic Agenda. But There Could Be Lessons for Investors from His Signature Tax Overhaul in 2017.
President Donald J. Trump signs the Tax Cut and Reform Bill in the Oval Office at The White House in Washington, DC on December 22, 2017.
During his campaign, Trump vowed to fully extend the trillions in tax breaks he enacted via the Tax Cuts and Jobs Act, or TCJA, in 2017, which brought sweeping changes for individuals and businesses.
As Republicans prepare to negotiate President-elect Trump’s economic agenda, financial experts say there could be lessons for investors from his signature tax overhaul in 2017. These lessons include…
…last-minute tax strategies, like “accelerating itemized deductions” by prepaying property taxes and state income taxes, which was popular among top earners in high-tax states.
…not making irreversible tax plan changes until final legislation is signed into law, as some advisors urged clients to avoid tax changes that could be reversed.
…being ready and positioned for changes, such as planning for estate and gift tax exemptions, which could be affected by legislation.
…anticipating uncertainty if legislation passes, which could lead to confusion and questions about newly enacted provisions, as it did in 2017.
