The Future of Tax Laws Under Trump’s Presidency

News Nov 7, 2024

As many of you know by now, Donald Trump has won a second term as president. Additionally, Republicans in the U.S. Senate will have a small majority in Congress. It is still uncertain who will hold a majority in the House of Representatives. What does this mean for tax legislation set to expire, or “sunset,” at the end of 2025?

To pass a permanent tax law, a majority of at least 60 senators is needed. Without this, the law can only last for 10 years. As of now, it does not appear that 60 senators can make the laws passed in 2017 become permanent. Therefore, assuming President-elect Trump seeks to extend the law, he would likely be able to do so for only 10 years, as occurred during his previous administration.

If extending the law in its current form is a top priority for President-elect Trump and the Senate, they would need to act immediately upon taking office to prevent the current law from sunsetting in 2026. However, this may not be possible, and the current exclusions could sunset in 2026, potentially leading to revisions afterward. This remains to be seen. The International Wealth & Asset Planning practice group at Greenspoon Marder will continue to monitor the situation as events unfold. If you have any questions, feel free to contact me at [email protected].

About Greenspoon Marder

Greenspoon Marder LLP is a full-service law firm with over 225 attorneys and more than 20 office locations across the United States. With operations from Miami to New York and from Denver to Los Angeles, our firm attracts some of the nation’s top talent in key markets and innovation hubs. Our core practice areas include Real Estate, Litigation, and Transactional Services, complemented by the capabilities of a full-service firm. Greenspoon Marder has maintained a spot on The American Lawyer’s Am Law 200 as one of the top law firms in the U.S. since 2015, and our goal is to provide exceptional client service by developing a thorough understanding of each client’s business needs and objectives in order to provide strategic, cost-effective solutions.

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This Greenspoon Marder LLP Client Alert is issued for informational purposes only and is not intended to be construed or used as general legal advice nor a solicitation of any type. Please contact the author(s) or your Greenspoon Marder LLP contact if you have any questions regarding the currency of this information. The hiring of a lawyer is an important decision. Before you decide, ask for written information about the lawyer’s legal qualifications and experience.

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The Future of Tax Laws Under Trump’s Presidency

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