Case Summaries Tax Legislative Impacts of 2024 Elections; Estate Tax Exclusion Amount Extension?

Tax cuts in the 2017 Tax Act will likely be extended beyond January 1, 2026, in light of the Republican sweep of the Presidency and majorities in the Senate and House in the 2024 elections. The “reconciliation” process will be used so a mere majority approval is needed in the Senate. The increased estate and gift tax exclusion amount will likely be extended, but the extension of all the tax cuts may be less than ten years (possibly even as low as two to five years) to reduce the deficit impact of the legislation.