2024 Post-Election Red Sweep – What will your taxes look like in 2025 and beyond?

The Essential Tax Podcast with Mishkin Santa, Episode 16 In this episode of The Essential Tax Podcast,  Mishkin Santa, J.D., LL.M, talks about potential U.S. tax changes following the 2024 election. He is a Principal at The Wolf Group, focusing on international tax services such as offshore disclosure, pre-immigration planning, and more, drawing on his experience as a former IRS Attorney. Tune in for these key takeaways: * Post-Election Tax Implications: Mishkin Santa highlights the 2024 Republican "red sweep" as pivotal for future tax changes. * Historical Context and TCJA Expiration: Mishkin Santa warns of a 2025 "tax cliff" as key TCJA provisions near expiration. * Proposed Corporate Tax Adjustments: Mishkin Santa discusses reducing corporate tax rates and adding a 15% rate for manufacturers. * Individual Tax Proposals: Mishkin Santa mentions tax cuts, SALT cap changes, and exemptions for certain groups. * International Tax Considerations: Mishkin Santa suggests simplifying taxes for expatriates instead of major overhauls. Further resources:  * Tax Cuts and Jobs Act of 2017:  *  * https://www.law.cornell.edu/wex/tax_cuts_and_jobs_act_of_2017_(tcja)  *  * https://taxpolicycenter.org/briefing-book/how-did-tcja-change-standard-deduction-and-itemized-deductions  * SALT Cap: https://taxfoundation.org/taxedu/glossary/salt-deduction  * Home Mortgage Interest Deduction and Limitation: https://www.nerdwallet.com/article/taxes/mortgage-interest-rate-deduction  * Qualified Business Income Deduction (IRC 199A): https://www.journalofaccountancy.com/issues/2018/may/sec-199a-deduction-for-qualified-business-income.html  * The Byrd Rule: https://en.wikipedia.org/wiki/Reconciliation_(United_States_Congress)  * John Thune: https://en.wikipedia.org/wiki/John_Thune  * Mike Crapo: https://en.wikipedia.org/wiki/Mike_Crapo  * Mike Johnson: https://en.wikipedia.org/wiki/Mike_Johnson  * Jason Smith: https://en.wikipedia.org/wiki/Jason_Smith_(American_politician)  * Exempting Tip Income: https://taxpolicycenter.org/taxvox/exempting-tips-federal-income-tax-would-benefit-very-few-workers  * Exempting Income Tax for Firefighters, Police Officers, Veterans, Active Duty Military: https://budgetlab.yale.edu/news/241028/no-tax-police-officers-firefighters-veterans-and-active-duty-military-basic-background  * Automobile Interest Deduction: https://taxpolicycenter.org/fiscal-facts/how-much-would-auto-loan-interest-deduction-cost  * TCJA Extension Cost: https://www.crfb.org/blogs/tcja-extension-could-add-4-5-trillion-deficits  * President Elect Trump Campaign Tax Proposals: https://taxfoundation.org/research/all/federal/donald-trump-tax-plan-2024/  * Tariffs and Sovereign Wealth Fund:  *  * https://www.forbes.com/sites/antoniopequenoiv/2024/09/05/trump-proposes-sovereign-wealth-fund-for-us-what-to-know-about-the-state-owned-budget/  *  * https://taxpolicycenter.org/taxvox/could-tariffs-help-trump-keep-his-promises  * Death Tax Repeal Act of 2023: https://www.congress.gov/bill/118th-congress/senate-bill/1108  * 2026 US Senate Election Cycle: https://en.wikipedia.org/wiki/2026_United_States_Senate_elections  * American Citizens Abroad: https://www.americansabroad.org/  * US Exit Tax: https://www.irs.gov/individuals/international-taxpayers/expatriation-tax *********************************** Watch or listen to more episodes of The Essential Tax Podcast:  * https://www.youtube.com/@TheWolfGroupPC  * Apple: https://podcasts.apple.com/us/podcast/the-essential-tax-podcast/id1754660944  * Spotify: https://open.spotify.com/show/2beZfOpwfBlBgWHlNelAOf Connect and learn more from your host, Mishkin Santa:  * Connect with Mishkin on LinkedIn: https://www.linkedin.com/in/msanta  * Follow The Wolf Group, P.C. on LinkedIn: https://www.linkedin.com/company/the-wolf-group-pc  * Read Mishkin’s bio on Wolf Group, P.C.’s website: https://thewolfgroup.com/our-people/mishkin-santa