– Many provisions from the Tax Cuts and Jobs Act of 2017 are set to expire after 2025 unless Congress extends them.
– Fully extending the TCJA tax breaks could add an estimated .6 trillion to the deficit over the next decade.
– The federal budget deficit could complicate proposals from former President Donald Trump and President Joe Biden.
For the first time in decades, the dominant pre-election issue in the US is not the economy, but migration. Gerald Baker, a columnist and executive at the Wall Street Journal, made this observation. The phrase “it’s the economy, stupid,” has been a central slogan for most election campaigns, emphasizing the importance of the economy in elections. However, the pivotal issue in the 2024 elections is migration. The US has experienced a massive influx of illegal immigrants under President Joe Biden’s administration, with at least six million estimated arrivals. This situation has become a problem not only for border states but also for many cities, including New York. Many Americans are concerned about the costs, the large number of arrivals, and the involvement of some migrants in criminal activities. This shift in concern towards migration reflects a profound change in the public mood and indicates a broader disillusionment with the current political system.