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Addressing expiring Tax Cuts and Jobs Act (TCJA) provisions is a primary focus of the current administration. Without congressional action, taxes on individuals and corporations are scheduled to increase by approximately $3.5 trillion, with more than $2 trillion of it falling on individual taxpayers. Other expired and expiring tax provisions (for example, traditional “tax extenders”) not associated with the TCJA will also change, impacting businesses and individuals alike.
Activity is heating up
The House and Senate have now passed the same FY2025 budget resolution, clearing the path for using the reconciliation process to pass a tax bill with only Republican votes. Agreement between the chambers on the budget resolution marks a major step toward a tax bill. In light of these developments, taxpayers need to be identifying potential risks and opportunities and prioritizing issues and potential areas for policy engagement. By staying informed and actively involved, you can help shape the narrative and work to position your organization for success in 2025 and beyond.
Reconciliation steps
Republicans control the Senate and House, meaning they can proceed with their plans for a budget reconciliation bill anchored by TCJA extensions. Reconciliation allows legislation affecting revenue and mandatory spending to pass the Senate with only 51 votes. The process must follow specific rules and process steps and places limits on what can be included in the legislation. It has been used under the Bush, Obama, Trump and Biden Administrations to advance tax, health care, climate, and pandemic response legislation.
Executive authority to modify tariff rates, impose trade remedies
The executive branch has wide-ranging authority to adjust tariff levels and impose new tariffs without approval from Congress. Under many of these authorities, the investigative processes that underlie tariff changes can be expedited, and tariffs can be imposed quickly.
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Quantitative Economics and Statistics
QUEST offers rigorous research, economic consulting, statistical consulting and survey design services to help businesses make key data-driven decisions across a broad range of issues.
Washington Council Ernst & Young
Washington Council Ernst & Young offers clients timely, relevant Washington insights, tailored to their needs.
Sustainability tax
With urgent environmental and social action needed from business, the tax function has never had a more critical role in accelerating sustainability strategy and building long-term value.
Our latest thinking
The impact of tariffs and transfer pricing on global trade
Interdependencies between customs duties, tariffs, and transfer pricing can have significant effects on businesses' supply chains.
Tax in a time of transition (April 11, 2025)
In this webcast, panelists discuss the US economy and tax policy, what’s happening at the IRS and breaking developments.
President Trump announces reciprocal tariffs
The administration unveils reciprocal and universal tariffs.
Pathways to budget reconciliation in 2025
Republicans control the Senate and House, meaning they can proceed with their plans for a budget reconciliation bill anchored by TCJA extensions.
Expiration and change dates of various tax provisions may increase focus on tax policy
Several tax provisions are scheduled to sunset or change over the next few years, which may be a focus in an election year.
Steps companies should take now to prepare for major tax legislation in 2025
Companies should prioritize their tax planning, advocacy, and modeling now to effectively navigate anticipated major tax legislation in 2025
Navigating 2025 tax policy uncertainty in mergers and acquisitions
Tax policy changes [in 2025] will have an important impact on the M&A market. Companies should stay abreast of upcoming policy activity.
How to future-proof the global trade function
Master global trade complexities with strategies for integration, technology and ESG alignment. Discover how tax leaders can future-proof trade functions.
How tax and trade leaders can prepare for global tariff disruption
Explore how new US tariffs reshape trade, driving tax leaders to adapt. Understand steps to build resilience and seize emerging opportunities.
Active state tax legislative session expected in 2025
Governors outline tax policy priorities as legislative sessions begin.
A look ahead: President Donald Trump’s second term
A look ahead: President Donald Trump’s second term
Bring tax advisers to the board room to navigate volatility
Tax can help strategic business planning, but leaders must have direct, regular communication with advisers.
Tips for manufacturers to prepare for President Trump's trade policies
Preparing now will help manufacturers adapt to potential changes in international trade policies.
Trump, taxes and ’25—what to expect on TCJA, tariffs and tax policy
Tax changes affecting businesses will happen in 2025. The question is how quickly they will be enacted and how expansive they will be.
2025 GOP trifecta: Trump's return, TCJA and other tax reforms
2025 GOP trifecta: President-elect Trump plans to enact major tax reforms likely through budget reconciliation.
The uncertain future of TCJA's IRC Section 199A
IRC Section 199A may expire at the end of 2025, causing tax implications for business owners.
Developments in state and local tax-related ballot measures
EY Indirect, State and Local Tax examines select state and local tax-related ballot measures.
Five tax issues to watch heading into 2025
The party that wins in November 2024, may lead to big changes in the tax code. Read about what the tax cliff means and what is expiring in 2025.
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How EY can help
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Getting ready for global minimum taxes: EY can help you evaluate the impact on your organization and develop a robust, actionable plan. Learn more.
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Americas and US Tax Policy at Ernst & Young LLP is a one-stop resource for insights on national and state tax reform, tax policy, regulatory changes and legislation.
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Washington Council Ernst & Young (WCEY) is a tax, legislative and regulatory group within Ernst & Young LLP that combines the power of a leading professional services organization with the on-the-ground knowledge, personal relationships and attention to detail of a boutique Washington-insider firm.
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State and local taxes can significantly impact a company’s cash flow, effective tax rate and risk profile. Our network of dedicated state and local tax professionals combines technical knowledge with industry understanding and access to technologically advanced tools and methodologies.
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EY Sustainability Tax professionals can help your business realize your corporate sustainability strategy. Learn more.
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