Political Parties

The winners of the 2024 federal elections will face consequential decisions regarding whether to extend Trump’s tax cuts that expire after 2025. Republicans wish to extend them, costing Treasury $4 trillion over a decade. Democrats propose extending the cuts to households making under $400,000/year while raising corporate taxes from 21% to 28% and the top individual tax rate to 39.6% from 37%, thereby boosting Treasury revenues by $2 trillion.