What GOP Election Wins Could Mean for Trump Tax Cuts (Podcast)

Nov. 21, 2024, 9:45 AM UTC

The re-election of Donald Trump and Republican sweep in Congress makes an extension of the 2017 GOP tax cuts more likely, but there will be hurdles.

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Republicans want to use a fast-track process to move legislation, but that maneuvering comes with other rules and procedures.

Meanwhile, senators in the party elected John Thune (R-S.D.), a longtime Finance Committee member, to become majority leader in January, succeeding Sen. Mitch McConnell (R-Ky.) Thune’s experience on the Finance panel when the law known as the Tax Cuts and Jobs Act was crafted could help smooth the process.

On this episode of Talking Tax, Bloomberg Tax Deputy Team Lead Kim Dixon and reporter Zach C. Cohen discuss the new GOP Senate leader and how the fast-track process known as reconciliation could play out when Republicans take power in Washington next year.


— With assistance from Zach C. Cohen.

To contact the reporter on this story: Kim Dixon at kdixon@bloombergindustry.com

To contact the editors responsible for this story: Benjamin Freed at bfreed@bloombergindustry.com; Martha Mueller Neff at mmuellerneff@bloomberglaw.com

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