Taxes have figured prominently in both presidential campaigns, but the hefty national debt and trillions of dollars in tax breaks due to expire next year are likely to complicate the road from proposal to law, even under possible one-party rule.
The cost of just extending all or some of the expiring provisions from the 2017 tax law could put Congress in a tricky position, former members, staff and administration officials said.
“On the campaign trail both candidates are writing very expensive policy checks that will be difficult for Congress and taxpayers to cash. The challenge will be for Congress to find a way to accommodate what are the most important priorities for the White House,” said Kevin Brady, a senior consultant at Akin Gump Strauss Hauer & Feld LLP.
