Should certain Tax Cuts and Jobs Act (TCJA) provisions be extended or allowed to sunset? That’s the question lawmakers are contemplating. Indeed, many of the TCJA provisions are set to expire at the end of 2025. Two senators asked the Congressional Budget Office (CBO) to analyze the degree of spending cuts needed to balance the budget over 10 years assuming two paths: 1) allowing the TCJA provisions to sunset as currently scheduled or 2) extending them. The CBO said that if certain TCJA provisions are extended, the federal budget would need to incorporate more spending reductions to offset lesser revenues to eliminate the deficit by 2033. For more information: https://bit.ly/3JOXdXM
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