The Tax Cuts and Jobs Act (TCJA) of 2017 made sweeping changes to individual and corporate taxation including cutting the corporate rate from 35 percent to 21 percent. Almost all the individual tax provisions expire at the end of next year, setting up a major debate over taxes in 2025. Without action, taxes on nearly all American households will rise. Donald Trump would like to extend all temporary cuts and lower the corporate tax rate further. Kamala Harris has not laid out specific tax proposals but has endorsed President Biden’s vow to avoid tax increases on households with incomes below $400,000 and his proposals to raise taxes on corporations and affluent households. Congress may revisit the TCJA’s business tax cuts as well.

With several years of evidence to draw upon, the Urban-Brookings Tax Policy Center and the Hutchins Center on Fiscal and Monetary Policy will bring together authors of five papers recently published in the Journal of Economic Perspectives to discuss the TCJA's impact on individuals, domestic businesses, multinational corporations, and investors in and residents of Opportunity Zones, as well as the tax debate looming in 2025. The papers and authors will provide critical information for policymakers as they consider how to move forward next year.

Event Speakers:

• Tracy Gordon, Codirector and Acting Robert C. Pozen Director, Urban-Brookings Tax Policy Center
• William G. Gale, Senior Fellow, Economic Studies, and Arjay and Frances Fearing Miller Chair in Federal Economic Policy, Brookings Institution; Codirector, Urban-Brookings Tax Policy Center
• Jon M. Bakija, Chair of Economics and W. Van Alan Clark '41 Third Century Professor in the Social Sciences, Williams College
• Eric Zwick, Professor of Economics and Finance, University of Chicago
• Kimberly Clausing, Eric M. Zolt Chair in Tax Law and Policy, University of California, Los Angeles, School of Law; Nonresident Senior Fellow, Peterson Institute for International Economics
• Naomi Feldman, Associate Professor of Economics, Hebrew University of Jerusalem
• David Wessel, Director, Hutchins Center on Fiscal and Monetary Policy, and Senior Fellow, Economic Studies, Brookings Institution