Election 2024
As the presidential campaign enters the home stretch, the accounting profession will be keeping an eye on the flood of tax proposals that have already begun to come out of the two main candidates’ camps, to see what might be in store for their clients in 2025 and later. They’ll also be looking to see how the campaign and the candidates are likely to impact the overall economy — all while casting a jaundiced eye over a political climate that more than three-quarters of them find “very dissatisfying.”
What accountants think about the election
Accountants’ current voting intentions for the 2024 presidential election more or less mirror how they voted in 2020 but they are agreed that fiscal, economic and tax issues are the biggest priorities for whoever wins.
With Republican control of Congress, Donald Trump will have a greater chance of success in renewing parts of his 2017 Tax Cuts and Jobs Act.
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Overall, the accounting profession generally leans Republican in its political preferences, but it's much more neck and neck in the presidential race.
Two-thirds of executives polled by the AICPA are confident about the economic outlook for the year ahead, up from 26% in August and 43% a year earlier.
Donald Trump's re-election brings uncertainty to the tax landscape, including proposals for both numerous tax breaks and funding cuts to the IRS.
The tax break offered to municipal bond investors is coming under threat as Republicans are closer to taking control of both the White House and Congress.
If your clients thinking of buying an electric car or an energy-saving heat pump eligible for federal tax credits and rebates, now might be the time.
The transition group is strategizing on how to pass another sweeping tax bill next year,
Although no Republicans voted for the measure two years ago, some of its incentives, such as tax credits for producing hydrogen and capturing carbon dioxide, are very popular with oil companies and other core GOP constituencies.
Next year will bring a major test with the upcoming expiration of many of the provisions from the Tax Cuts and Jobs Act.
Tax practitioners weigh in on what the newly elected president wants to do tax-wise, and what he'll actually be able to do tax-wise.
The Internal Revenue Service may be facing steep cuts in its budget with the win on Tuesday night of President-elect Donald Trump.
The return of the former president to the White House gives him an opportunity to deliver on his many tax promises.
The future of the Tax Cuts and Jobs Act and other tax issues are on the ballot.
