Tracy Gordon

Aug 26, 2024 | brookings.edu | Tracy Gordon

The Tax Cuts and Jobs Act (TCJA) of 2017 made sweeping changes to individual and corporate taxation including cutting the corporate rate from 35% to 21%. Almost all the individual tax provisions expire at the end of next year, setting up a major debate over taxes in 2025. Without action, taxes on nearly all American households will rise. Donald Trump would like to extend all temporary cuts and lower the corporate tax further.

Mar 1, 2024 | brookings.edu | Tracy Gordon |David Weiner |Richard Rubin

Almost everyone thinks the tax system should be simpler, but almost every year it gets more complicated. Does it have to be that way? There is massive potential for simplification, but it comes at a cost: reduced flexibility for families and businesses to use the tax code to meet their specific needs.