Who wins the White House and Congress will determine your tax fate
- A tax battle looms in 2025 with trillions of dollars at stake
- The outcome of the White House and Congress elections will determine tax breaks and rates
- Biden has committed to preserving tax cuts for households earning less than $400,000
- Biden proposes raising the top corporate tax rate to 28% and increasing taxes on stock buybacks
- Raising corporate tax rates historically hasn’t dampened equity market returns
- Republicans have good odds of retaking the Senate and may seek to extend all provisions of the 2017 tax law
- Trump may lower the corporate tax rate further to 15% and extend breaks for research and development expenses
- It’s unclear how Republicans would raise revenue, but proposals include across-the-board tariffs and reducing clean-energy tax credits
- The fate of controversial tax breaks like the SALT deduction remains uncertain
- Congress may spend all of 2025 discussing tax policies before passing something on New Year’s Day
A tax battle looms in 2025, with trillions of dollars at stake. The outcome of the White House and Congress elections will determine who gets tax breaks and who pays higher rates. Biden has committed to preserving tax cuts for households earning less than $400,000, but proposes raising the top corporate tax rate to 28% and increasing taxes on stock buybacks. Raising corporate tax rates historically hasn’t dampened equity market returns. Republicans have good odds of retaking the Senate and may seek to extend all provisions of the 2017 tax law. Trump, on the other hand, may lower the corporate tax rate further to 15% and extend breaks for research and development expenses. It’s unclear how Republicans would raise revenue, but proposals include across-the-board tariffs and reducing clean-energy tax credits. The fate of controversial tax breaks like the SALT deduction remains uncertain. Congress may spend all of 2025 discussing tax policies before passing something on New Year’s Day.
Factuality Level: 3
Factuality Justification: The article provides a detailed overview of the potential tax battle in 2025, including the background, key players, and possible outcomes. However, it contains some biased language and speculative statements that could mislead readers. The article also lacks in-depth analysis and fails to provide a balanced view of the topic.
Noise Level: 3
Noise Justification: The article provides a detailed analysis of the potential tax battle in 2025, discussing the implications of different outcomes based on who wins the White House and Congress. It includes information on the current tax laws, proposed changes, and the potential impact on individuals, businesses, and the economy. The article stays on topic and supports its claims with examples and data. However, it contains some repetitive information and could benefit from more in-depth analysis on certain points.
Financial Relevance: Yes
Financial Markets Impacted: The article discusses potential changes to tax rates for individuals and businesses, which could have an impact on financial markets and companies.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The article primarily focuses on the potential tax battle in 2025 and the implications for individuals and businesses. While it discusses potential changes to tax rates, there is no mention of any extreme events.
Public Companies: Caterpillar (CAT), Boeing (BA), Amazon.com (AMZN), Verizon Communications (VZ), Corning (GLW), Enphase Energy (ENPH), Schneider Electric (SU)
Key People: Donald Trump (Former President), Joe Biden (President), Howard Gleckman (Senior Fellow in the Urban-Brookings Tax Policy Center), Jason Smith (House Ways and Means Chairman), Steve Wamhoff (Federal Tax Policy Director for the Institute on Taxation and Economic Policy)
Reported publicly:
www.marketwatch.com 
