According to U.S. House Majority Leader Steve Scalise (R-LA), Republicans plan to extend tax cuts enacted by 2017’s Tax Cuts and Jobs Act if the party wins both congressional houses and the presidency on Nov. 5, 2024. Scalise has said they’ll use the “budget reconciliation” process, which requires a simple majority vote in the Senate (rather than a 60-member majority) to enact fiscal legislation. Democrats have used the same process to bypass Republican objections to spending bills in the past. But there’s no guarantee Republicans’ plans to preserve previous tax cuts will succeed. Many factors, including election results and concerns about a growing federal deficit, could stand in the way.
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