When Donald Trump first became president in 2017, one of his signature legislative victories came from passing the Tax Cuts and Jobs Act (TCJA). The law reoriented the tax code in many ways, such as by slashing tax rates, particularly for high-income earners and corporations.
Yet because the TCJA significantly reduced government revenue and therefore increased the federal deficit, many parts of the law were written to expire at the end of 2025 in order to satisfy congressional rules. Trump and a Republican-controlled Congress find themselves back in power as they decide the law's fate.
