Federal tax policy to watch in the 2nd half of 2024

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Eversheds Sutherland Partner Xenia Garofalo is quoted in this Law360 article about federal tax policy to watch in the second half of the year.

In the article, Xenia expresses concern regarding the expiration of certain tax incentives under TCJA.  

"Many tax practitioners, including myself, are waiting to see whether Congress will extend any of the TCJA provisions, or whether they will allow some or all provisions to expire in light of the fiscal burden and budget deficit," Xenia said.

"If Congress does not extend certain of the provisions — namely the TCJA changes to individual income tax and the reduction of the effective tax rate on certain pass-through income — this could raise taxes for more than 60% of taxpayers starting in 2026."