Joe Bishop-Henchman

1 month ago | ntu.org | Joe Bishop-Henchman |Demian Brady |Debbie Jennings |Leah Vukmir |Andrew Wilford |Jess Ward | +2 more

Unless Congress acts before January 1, 2026, the expiration of the 2017 Tax Cuts and Jobs Act (TCJA) will trigger widespread tax increases for 80% of Americans, significantly impact state economies, and disrupt state tax structures. For federal taxes, the expiration of the 2017 TCJA would: Halve the federal standard deduction Reduce the federal child tax credit Reintroduce higher federal tax brackets Lower the federal estate ta Key Takeaways The U.S. Congress has until the end of 2025 to approve a new federal tax reform package before taxes for individuals and businesses go up on New Years Day 2026. Many states follow the federal tax code in some way, which will create a cascade of changes to state tax codes if the 2017 tax View PDF Key Takeaways The U.S. Congress has until the end of 2025 to approve a new federal tax reform package before taxes for individuals and businesses go up on New Years Day 2026. Many states follow the federal tax code in some way, which will create a cascade of changes to state tax codes if the 2017 tax law expires. State lawmakers should consider proactively preserving expanded state level standard deductions to simplify tax filing and full expensing to expand business, Author(s): Joe Bishop-Henchman, Demian Brady, Debbie Jennings, Leah Vukmir, Andrew Wilford, Jess Ward, Matthew Putnam, Mattias Gugel

2 months ago | ntu.org | Joe Bishop-Henchman |Bryan Riley

Now that President Donald Trump has paused higher tariffs on most countries until July 8, officials have time to recalculate the proposed tariff rates to ensure they do not exceed the stated goal of reciprocity. Although President Trump claimed the tariffs announced April 2 and paused April 9 are reciprocal based on a calculation of trade barriers, the formula used actually only measures trade deficits.