NTSP2402. Conference Welcome | Keynote Presentation: Fiscal Cliff or Fiscal Opportunity? Tax and Fiscal Policy in 2025

Many of the tax changes put in place as part of the TCJA will be expiring next year. A full extension would cost trillions of dollars, letting them expire in full is likely a political non-starter. Furthermore, lawmakers will have to grapple with the return of the debt-ceiling, the expiration of the current spending caps, and the challenges in Social Security and Medicare’s trust funds. With an unsustainable fiscal picture, high levels of political partisanship, and a presidential campaign that has not included a plan to address any of these issues, none of these issues will be simple to resolve.