Taxes
May 23, 2025
The Tax Change Agenda
What’s been proposed—and our insights into what that may mean for you.
Tax legislation is a priority for the White House and Congress, in anticipation of the scheduled expiration of many provisions of the 2017 Tax Cuts & Jobs Act (TCJA) at the end of 2025. Here’s our view on the latest developments.
Washington Watch
The House passed a tax bill that will now be negotiated in the Senate over the coming weeks.
The latest on the tax landscape
On May 22, the House passed the “One Big Beautiful Bill Act.” The bill will now move to the Senate as Republican members consider what they are willing to keep and what they are going to change in the House-passed bill. The Trump Administration and Senate leadership are targeting enactment by July 4. The details and timing could shift as Congress continues to debate the specifics of the bill.
The bill would make permanent many of the expiring provisions of the 2017 Tax Cuts and Jobs Act (TCJA), and is estimated to increase the net deficit by approximately $3.8 trillion over 10 years (not including interest on the additional debt). It also includes numerous other Congressional Republican and Trump administration tax policy priorities.
Our View:
- Regardless of what may be enacted this year, we recommend that our clients give wealth to future generations as long as they can afford it and think it’s a good idea to do so.
- We also suggest revisiting existing estate plans and remaining estate and gift tax exclusion amounts to ensure that clients are well prepared for any changes.
- Clients should stay up to date on any developments and consult with their J.P. Morgan team and tax advisor to assess any impact on them, their family and their businesses.
What’s on the table?
What’s the process?
Earlier this spring, the House and Senate passed budget resolutions unlocking the legislative process that would allow a tax bill to pass both the House and Senate by simple majorities (most legislation needs 60 votes in the Senate to pass). On May 12, the House Ways & Means Committee introduced a tax bill that would extend many expiring provisions of the 2017 Tax Cuts & Jobs Act. The bill would also enact into law many other Republican tax priorities. On May 22, the bill passed the House and will now be considered in the Senate. Its deliberations are expected to take until the end of June at the earliest, and possibly until just before Congress’ scheduled August recess.
Our insights can help navigate a changing landscape
Volatility is inherent in investing and planning, and the proposals of a new administration can add to the noise and steal focus. To help you navigate this environment most efficiently, we’ve curated a set of strategic insights across wealth planning.
Goals-based planning
Apr 29, 2025
Market volatility: How to help safeguard your retirement plans now
Trusts & Estates
Jan 13, 2025
How much you can gift tax-free is set to be cut in half. Are you ready?
Goals-based planning
Dec 18, 2024
Tax planning for 2025 – possible impacts of tax policy
Business Owners
Nov 22, 2024
Tax policy in focus: Post-election insights for business owners
Taxes
Nov 19, 2024
Mastering estate taxes: How to plan ahead to protect your financial assets
Meet the J.P. Morgan Private Advisory team behind our insights and personalized advice
Important Information
JPMorgan Chase & Co. and its affiliates and/or subsidiaries do not practice law, and do not give tax, accounting or legal advice, including estate planning advice. The tax-related material contained herein has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any financial transaction. We will, however, be pleased to consult with you and your legal and tax advisors as you move forward with your own planning.
