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.
The latest on the tax landscape
Republicans, with control of the White House and majorities in both chambers of Congress, have the ability to address the TCJA and other tax policy through the “budget reconciliation” process without any support from Congressional Democrats.
We may not see new tax legislation enacted, if at all, until the second half of 2025. Historically, major tax legislation in the first year of a new President’s term takes months to pass, even with the same party in control of both chambers of Congress and the White House.
Our View:
- Regardless of what may be enacted next year, we are recommending 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.
- Taxpayers should stay up-to-date on any developments and consult with their J.P. Morgan teams and tax advisors to assess any impacts on themselves, their families and their businesses.
What’s on the table?
What’s the process?
The “budget reconciliation” process allows lawmakers to pass tax and spending legislation by a mere majority in the House and Senate. Therefore, Republicans can enact many of their legislative priorities without any support from Democrats. First, the House and Senate must agree on how much they’re willing to spend on tax policy changes over the budget window. They must then adopt a single budget resolution before advancing legislation under the budget reconciliation process.
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
Goals-based planning
Feb 13, 2025
Act now to lower your tax bill
Goals-based planning
Dec 18, 2024
Tax planning for 2025 – possible impacts of tax policy
Taxes
Nov 18, 2024
Turning to taxes: The outlook for new policies in 2025
Taxes
Nov 19, 2024
Mastering estate taxes: How to plan ahead to protect your financial assets
Business Owners
Nov 22, 2024
Tax policy in focus: Post-election insights for business owners
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
Jan 14, 2025
Start strong: Our top 10 tips for financial success in 2025
J.P. Morgan Private Advisory
Meet the team driving our insights
Adam Ludman
Head of Tax Strategy
Jordan Sprechman
Practice Lead, U.S. Wealth Advisory
BJ Goergen Maloney
Global Head of J.P. Morgan Private Advisory
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.
