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Sometimes you need to look back to stay ahead because history can often contextualize the present. Next year, Congress will be considering major changes to the Tax Code as many provisions begin to expire. To understand how these 2025 tax reform efforts will play out, contrasting the current environment with the one that produced the Tax Cuts and Jobs Act of 2017 (TCJA) can be instructive. You may be surprised how much has changed in the economic and political landscape that will shape the contours of this looming effort.
To understand what’s at stake for taxes, it helps to reflect on 2015, when then-presidential candidate Donald Trump began outlining his vision for the Tax Code.1 Republicans would soon win a majority in both chambers of C...
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