How the results of the presidential election could impact your taxes

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.



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.

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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.