Trump's Election Win Signals Potential Extension of Tax Cuts

With a Republican majority, Trump's administration is poised to pursue tax policy changes, including extending the 2017 Tax Cuts and Jobs Act.

Republicans control both the presidency and Congress, enabling potential tax policy changes along party lines.
The Tax Cuts and Jobs Act, set to expire in 2025, may be extended, maintaining lower tax rates for individuals and businesses.
Economists predict short-term economic growth and stock market gains if tax cuts are extended, though concerns about the federal deficit persist.
Republican proposals include further reductions in corporate tax rates and potential new tax relief measures, though internal party divisions exist.
Potential revenue sources to offset tax cuts include cutting green energy subsidies and raising tariffs on imports, which could impact inflation.