As the 2024 presidential election approaches, experts are raising concerns over the expiration of the 2017 Tax Cuts and Jobs Act (TCJA). Without intervention from Congress, the tax cuts introduced under former President Donald Trump will expire after 2025, potentially resulting in significant changes to U.S. tax policy depending on which party wins the election.

“If the 2017 tax cuts are allowed to expire, about 62% of taxpayers will face higher tax bills,” said Erica York, senior economist at the Tax Foundation, noting that the TCJA benefited most taxpayers.

According to a Gallup poll from April 2024, 56% of Americans feel they already pay too much in federal taxes, while only 22% believe they receive adequate services in return, as per a January 2024 AP-NORC survey.

Both Republican candidate Donald Trump and Democratic candidate Vice President Kamala Harris have proposed tax reforms. While both suggest an expanded child tax credit and eliminating taxes on tips, their overall strategies differ.

“Everything we do should focus on boosting the country’s economic growth rate,” said Stephen Moore, economic advisor to the Trump campaign.

The Harris campaign did not provide a comment for this report.