How the results of the presidential election could impact your taxes
60% of Americans could face higher taxes if Congress fails to extend tax reform law
CHICAGO (WLS) -- We are now days away for the 2024 presidential election, and whoever wins the presidency will have to navigate several financial issues; that includes the Tax Cuts and Jobs Act (TCJA), which is set to expire at the end of next year.
ABC7 Chicago is now streaming 24/7. Click here to watch
If Congress does not extend the tax reform law, an estimated 60 percent of Americans will face higher taxes, worse incentives for work and investment, and a more complicated tax system starting in 2026.
VOTER GUIDE | ABC7 Chicago Your Voice Your Vote 2024 Voter Guide
Local financial professional Phillip Shaw from Goldstone Financial Group visited ABC 7 to explain the provisions under the Tax Cuts and Jobs Act, and what taxpayers can expect if it expires.
