Goals-based planning
Apr 14, 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
Less than a month after the House passed the “One Big Beautiful Bill,” the Senate Finance Committee has released its own draft tax bill.
The latest on the tax landscape
On June 16, the Senate Finance Committee released a draft tax bill, which largely mirrors but in several key respects differs from the “One Big Beautiful Bill” (OBBB) that was passed by the House May 22. If the full Senate passes its own version of the OBBB, the bill would need to be sent back to the House for approval before enactment. The Trump Administration and Senate leadership are targeting enactment by July 4. The details and timing could shift as both chambers debate specifics.
Both the House and Senate Finance Committee versions would make permanent many of the expiring provisions of the 2017 Tax Cuts and Jobs Act (TCJA), as well as turn into law numerous other Congressional Republican and Trump administration tax policy priorities.
However, because the Senate Finance Committee’s proposal differs from the lower chamber’s bill, Republican policymakers still need to reconcile those differences. Decisions on the level and nature of the tax and spending cuts have to be made, and near-unanimity within the GOP is still needed to pass the bill. Republicans can afford to lose only three votes in either chamber.
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?
On June 16, the Senate Finance Committee released a revised version of the tax bill that passed the House May 22. Congress is expected to take until the end of June at the earliest, and possibly until just before its scheduled August recess (or perhaps later) to finalize a bill for enactment.
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.
Taxes
Feb 25, 2025
On the rocky road to tax cuts
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.
