Jorge Castro Comments on Expiring TCJA Tax Provisions in MarketWatch
"Biden's Tax Hikes for the Rich Are Unlikely To Pass. The Bigger Debate: Trump-era Tax Cuts That End in 2025."
Jorge Castro, a former Counselor to the IRS Commissioner and Congressional tax counsel, said the Tax Cuts and Jobs Act of 2017 (TCJA) provisions set to expire in 2025 will spark a new round of debates in Congress. "You are going to see a lot [of] back and forth beginning this year," Castro said. He noted areas with bipartisan support, including keeping certain TCJA income tax rate levels. "I can see there being political will from both political parties to extend that. No one wants to raise taxes on lower- and middle-class families." He also said both parties want to extend the child tax credit, however agreement on the eligibility rules and payment amounts are in question.