By Wes Lyon, CPA, CFP^®

Tax issues will be a major focus in the upcoming Presidential election. And the Tax Cuts and Jobs Act (TCJA), signed into law on December 22, 2017, changed several tax minimization strategies. Many of these provisions are set to expire December 31, 2025, so let’s review what changes could be coming.

In Part 1, we’ll examine the U.S.Treasury Department’s recently released Greenbook, or General Explanations of the Administration’s Fiscal Year 2024 Revenue Proposals, to understand Biden’s proposed tax changes and their potential impact on you. It’s important to note, these are currently just proposals. However, if the current administration has enough votes, we expect many of these provisions to become law.