Budget 2024 expectations: The Tax Policy Forum of the US-India Strategic Partnership Forum (USISPF) has submitted its wishlist ahead of the Union Budget for 2024-25, which will be tabled in the third week of July. The US-India Tax Forum has recommended that the government should establish equality in the tax obligations of domestic and foreign … Read more
The text discusses the upcoming expiration of the 2017 Tax Cuts and Jobs Act (TCJA) in 2025 and provides insight into various tax reform options. Lawmakers will need to decide on priorities for tax reform, including maintaining the TCJA policies or implementing fundamental reforms. The text outlines two alternative reform options that focus on better cost recovery for business investment, lower individual rates, and a broader tax base. These options aim to grow the economy, provide revenue, and avoid increasing the deficit. Lawmakers are encouraged to prioritize growth and fiscal responsibility in designing tax legislation to prevent a tax hike in 2025.
The Congress Party has vowed to initiate a comprehensive overhaul of India’s tax system, labeling the past decade as a period of ‘taxation gone berserk’.