Trump, Republican victories ease Americans’ looming tax hike fears

In the wee hours of Nov. 6 when the U.S. presidential race was called for Donald Trump, many Americans made a prediction, some advisers say: A Trump victory means lower taxes are here to stay.

For the past year, many Americans were bracing for the expiration of the 2017 Tax Cuts and Jobs Act (TCJA), also known as the Trump tax cuts. TCJA was the largest overhaul of the tax code in 30 years. It included widespread tax reductions for businesses and individuals. Many of the benefits for individuals, including lower tax rates for nearly all Americans, expire at the end of 2025.

Now that Trump’s returning to the White House with a majority in both congressional chambers, advisers say TCJA’s likely to get extended.