How taxes could affect your presidential election results

60% of Americans could face higher taxes if Congress doesn’t extend the tax reform law

Saturday, October 26, 2024, 1:50 p.m

How taxes could affect your presidential election resultsThe next president will have to deal with several financial issues, including the Tax Cuts and Jobs Act, which is set to expire at the end of the year.

CHICAGO (WLS) — We are now days away from the 2024 presidential election, and whoever wins the presidency will have to navigate several financial issues; which includes the Tax Cuts and Jobs Act (TCJA), which is set to expire at the end of next year.

If Congress does not extend the tax reform law, an estimated 60 percent of Americans will face higher taxes, weaker incentives for work and investment, and a more complicated tax system starting in 2026.

Local financial professional Phillip Shaw of Goldstone Financial Group visited ABC 7 to explain the provisions of the Tax Cuts and Jobs Act and what taxpayers can expect if it expires.