Tax policy ideas to look out for during the 2nd Republican presidential debate
foxbusiness.comDeSantis and Ramaswamy surrogates discuss how their candidates are preparing for the second GOP debate on ‘Maria Bartiromo’s Wall Street.’
The Republican presidential primary is heating up, with the leading candidates expected to take the stage in California this week for the second GOP debate.
Experts will be closely watching the Wednesday showdown – hosted by FOX Business at the Ronald Reagan Presidential Library in Simi Valley, California – for any discussion of key tax policy issues.
«The candidates are going to have to have a position on the expiration of the Tax Cuts and Jobs Act,» John Gimigliano, principal-in-charge of the federal tax legislative and regulatory services group at KPMG, told FOX Business. «These massive components of the law expire at the end of 2025.»
Enacted by former President Trump in 2017, the law drastically overhauled the nation's tax code, including reducing the top individual income tax bracket to 37% from 39.6% and nearly doubling the size of the standard deduction.
WHAT REPUBLICAN PRESIDENTIAL HOPEFULS STAND TO GAIN — OR LOSE — AT SECOND PRIMARY DEBATE
2024 Republican presidential candidates Asa Hutchinson, from left, Chris Christie, former Vice President Mike Pence, Ron DeSantis, Vivek Ramaswamy, Nikki Haley, Senator Tim Scott and Doug Burgum during the Republican primary presidential debate hoste (Photographer: Al Drago/Bloomberg / Getty Images)
Those changes to the individual section of the tax code are poised to sunset in 2025, meaning that millions of Americans will face steeper levies if the law is not extended.
The GOP presidential hopefuls that will appear on the stage Wednesday night are unlikely to stray from supporting an extension of the tax cuts for individuals,
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