Here’s How a Trump Presidency Could Affect Your Taxes

Former president Donald Trump beat the vice president Kamala Harris has win the White Housewhat could have a significant impact on taxpayers – but the details remain unclear, according to political experts.

Adopted by Trump in 2017, the Tax Cuts and Jobs Actor TCJA, will be a key priority for the president-elect in 2025. The law introduced radical changesincluding lower tax bracketshigher standard deductions, child tax credit and bigger exemption from inheritance and gift taxamong other provisions.

These individual tax breaks will end after 2025 without action from Congress, which could trigger higher taxes for more than 60% of taxpayers, according to the Tax Foundation. However, Trump wants to fully expand the expiring provisions of the TCJA.

Additionally, most of Trump’s tax policy requires congressional approval, which could prove difficult, depending on control of the Senate and House of Representatives and support within the Republican Party.

While the Republicans obtained the majority in the Senatecontrol of the House remains uncertain. If Democrats flip the House, we could see “more gridlock” in Congress, which could block Trump’s agenda, Gleckman said.

Tax negotiations could also prove difficult amid growing concerns over federal budget deficitaccording to Erica York, senior economist and research director at the Tax Foundation’s Center for Federal Tax Policy.

“Budget calculation is much more difficult this time than it was in 2017,” with interest rate and a larger core budget deficit, she said. The deficit exceeded $1.8 trillion in fiscal year 2024.

Fully extending the TCJA’s provisions could reduce federal revenues by $3.5 trillion to $4 trillion over the next decade, depending on the scoring model, according to the Tax Foundation.