EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.
Recent Searches
Many of the Tax Cuts and Jobs Act (TCJA) provisions expire or change at the end of 2025, creating what is being referred to as a “tax cliff.’’ Without congressional action, taxes on individuals and corporations are scheduled to increase by approximately $3.5 trillion, with more than $2 trillion of it falling on individual taxpayers.
Direct to your inbox
Find out how we help industry leaders solve their toughest business challenges.
Many expired and expiring tax provisions (for example, traditional “tax extenders”) not associated with the TCJA will also change, impacting businesses and individuals, adding to the scope of the tax policy issues at play. With so many tax provisions expiring or having already expired, policymakers will be looking to the tax code for revenue to offset extending tax policies favorable to small businesses and certain individual taxpayers.
The time to prepare is now
Model, monitor, and maintain engagement in the policy process as it unfolds towards 2025.
The 2024 Presidential and congressional elections will shape the power dynamics in Washington. As the election season unfolds, each party will point to its tax agenda to help distinguish its approach to economic policy. At the same time, policymakers will be working to shape legislation throughout the year as the parties build their platforms in advance of the pending TCJA tax cliff.
Right now, taxpayers need to be assessing the landscape, pinpointing potential risks and opportunities, and identifying their priority issues and potential areas for policy engagement.
By staying informed and being actively involved, you can help shape the narrative and effectively navigate the shifting tax landscape to position your organization for success in 2025 and beyond.
Survey respondents’ greatest tax policy concern
TCJA provisions expiring at the end of 2025 was one of the biggest tax policy concerns for respondents to EY’s Business Tax Policy Barometer survey (51%).
Quantitative Economics and Statistics
QUEST offers rigorous research, economic consulting, statistical consulting and survey design services to help businesses make key data-driven decisions across a broad range of issues.
Washington Council Ernst & Young
Washington Council Ernst & Young offers clients timely, relevant Washington insights, tailored to their needs.
Sustainability tax
With urgent environmental and social action needed from business, the tax function has never had a more critical role in accelerating sustainability strategy and building long-term value.
Our latest thinking
How to find certainty amid tax policy transformation
EY 2024 Tax Policy and Controversy Outlook explores what you should act on now and what you should keep an eye on next. Learn more.
BEPS 2.0: as policies evolve, engagement is key
It remains to be seen whether the US will align its tax law with the OECD/G20’s global BEPS 2.0 rules. MNEs will feel the impact in 2024. Learn more.
Webcast series: Tax in a time of transition
This series will discuss the US economy and tax policy, what’s happingening at the IRS and breaking developments.
Our team
Jose Murillo
Partner, National Tax Department Leader, Ernst & Young LLP
Former Deputy Assistant Treasury Secretary (International Tax Affairs) at the U.S. Treasury Department.
Washington, DC, USA
Ray Beeman
Principal and Leader, Washington Council Ernst & Young
Former congressional tax staff for Ways and Means and Joint Committee on Taxation. California Golden Bear always.
Washington, DC, USA
Adam Francis
Washington Council, Principal Ernst & Young LLP
Connected professional helping clients navigate the inner workings of the federal policy process. Maine native, former lobsterman. Glass-half-full attitude.
Washington, DC, USA
Andrew Phillips
EY Global Government & Infrastructure Economics, Finance, and Tax Leader; Co-Director, Quantitative Economics & Statistics (QUEST), Ernst & Young LLP
Economist. Seasoned traveler. Novice CrossFitter.
Washington, DC, USA
Colleen O’Neill
EY US National Tax Department Leader, International Tax and Transaction Services
Experienced tax professional focused on international tax policy.
Washington, DC, USA
David Kirk
US EY Private National Tax Partner
A highly accomplished tax leader. National Tax Partner. Principal author of income tax regulations. Georgetown University Law Center adjunct professor.
Washington, DC, USA
How EY can help
-
Getting ready for global minimum taxes: EY can help you evaluate the impact on your organization and develop a robust, actionable plan. Learn more.
Read more -
Americas and US Tax Policy at Ernst & Young LLP is a one-stop resource for insights on national and state tax reform, tax policy, regulatory changes and legislation.
Read more -
Washington Council Ernst & Young (WCEY) is a tax, legislative and regulatory group within Ernst & Young LLP that combines the power of a leading professional services organization with the on-the-ground knowledge, personal relationships and attention to detail of a boutique Washington-insider firm.
Read more -
State and local taxes can significantly impact a company’s cash flow, effective tax rate and risk profile. Our network of dedicated state and local tax professionals combines technical knowledge with industry understanding and access to technologically advanced tools and methodologies.
Read more -
EY Sustainability Tax professionals can help your business realize your corporate sustainability strategy. Learn more.
Read more
