Trump Administration Tax Guide

Preparing for the Trump Administration's Tax Policy Plans:  A Sector-by-Sector Guide

With the 2024 presidential election now behind us and the 2025 tax cliff on the horizon, all businesses are entering a period in which careful, proactive planning should be top of mind. Donald Trump’s re-election, coupled with the Republican majority in both chambers of Congress, means that tax policy and reform will take center stage in 2025. The Republican party now has significant leverage in high-stakes tax and spending battles next year, which will have sweeping and varied impacts across industries and economic sectors.
  
A key focus of the new administration and Congress will be to permanently extend many provisions of the Tax Cuts and Jobs Act of 2017 (TCJA) that are set to expire at the end of next year. However, there are many non-TCJA tax benefits set to expire at the end of next year as well. These important tax policy considerations, alongside the nation’s continually increasing deficit, sets up an interesting crossroads for the Trump administration and the next Congress to navigate.

Understanding the implications of the post-election tax policy landscape is essential for any business looking to proactively plan, maintain compliance, and optimize future tax strategy. Below, we’ve outlined a summary of key updates that both businesses and high net worth individuals may anticipate under the Trump administration and incoming 119th Congress, broken out by industry:

Construction

Financial Services

Healthcare

Individuals and High Net Worth

International

Manufacturing & Distribution

Private Equity

Real Estate

conclusion

2025 will be a critical year for strategic planning.  Prudent business leaders will seek to leverage proactive tax strategies and position their companies to capitalize on the ever-evolving tax and regulatory landscape.

We will continue to monitor forthcoming tax proposals and publish additional guidance as more details emerge.  Our trusted professionals at Elliott Davis stand ready to help your business navigate the complexities of forthcoming tax reform and prepare for any opportunities or challenges. Contact us to get started.

The information provided in this communication is of a general nature and should not be considered professional advice.  You should not act upon the information provided without obtaining specific professional advice. The information above is subject to change.

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