Marc Gerson, former chief tax counsel to the House of Representatives' Ways and Means Committee, discussed the sweeping $3.9 trillion tax package ahead of the looming 2025 expiration of key provisions in the Tax Cuts and Jobs Act (TCJA). The House-passed package stops short of permanently extending several major TCJA provisions. Instead, it introduces temporary measures – including eliminating taxes on tipped income and overtime pay, increasing the standard deduction, and creating a new auto loan interest deduction – all of which are set to expire by the end of 2028. Gerson urged caution when it comes to the longevity of these headline-grabbing provisions. "They're all kind of rather expensive provisions," he noted, emphasizing that Republican priorities continue to center on "the big three" TCJA business provisions: bonus depreciation, net interest expensing, and full research and development expensing, currently scheduled to expire in 2029.