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Although only time will tell, heres what he said could happen.
The TCJA was a major overhaul of the tax code at that time.
It impacted both business owners and individual taxpayers, but in different ways mostly through tax cuts.
The business-related changes are more permanent.
This does seem plausible considering it was Trump who initially got the TCJA passed.
The act was also primarily supported by the Republican party as opposed to the Democratic party.
Before 2018, there wasnt a limit on these itemized deductions.
Still, Putnam predicts there wont be any immediate changes if Trump is elected.
In this case, it might be more of a waiting game.
Those filing for the 2024 and 2025 tax year can still take advantage of the SALT deduction.
After that, the deduction may simply disappear on its own.
It doesnt seem likely that the IRA will be fully repealed.
However, Trump haspreviously expressedopposition to it, so there could be some changes.
Tax legislation originates in the legislative branch, said Putnam.
That said, a Trump presidency could bring about changes to the Inflation Reduction Act of 2023.
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