The Trump tax cuts will expire after 2025, and here's how the presidential election could impact your taxes.

The upcoming expiration of the 2017 Tax Cuts and Jobs Act, or TCJA, is causing concern among experts as the presidential election approaches.

The expiration of trillions in tax breaks enacted by former President Donald Trump via the TCJA after 2025 will depend on the outcome of the 2024 election and the political party that will handle them, ultimately shaping America's tax policy for years to come.

"According to Erica York, senior economist and research director at the Tax Foundation, if the 2017 tax cuts expire after 2025, approximately 62% of taxpayers would experience an increase in their tax bills. This is due to the fact that the Tax Cuts and Jobs Act (TCJA) provided tax cuts for the majority of taxpayers."

According to a Gallup poll from April 2024, 56% of Americans believe they pay too much in federal income taxes. On the other hand, only 22% of Americans think they receive valuable services in return, as reported by an AP-NORC survey from January 2024.

Both Trump and Harris have proposed tax changes that could impact millions of Americans, although their ideas overlap on some aspects, such as an increased child tax credit and tip tax exemption. However, their approaches differ.

Stephen Moore, an economic advisor to the Trump campaign, stated on CNBC that everything we should focus on is increasing the rate of economic growth in our country.

The Harris campaign declined to comment on the report.

If they win the White House, Harris and Trump have different plans for tackling the tax code.