1、A year for actionWashington National Tax Services(WNTS) Tax Policy Outlook:Table of contents2025 Tax Policy Outlook:A year for actionOverview 1Balance of power 15US tax policy outlook 20Global tax policy outlook 34Trade policy outlook 44State tax policy outlook 53Appendices 57Appendix A:Key policyma

2、kers 57Appendix B:Senators up for re-election in 2026 61Appendix C:Legal pathways to presidential trade policy executive actions 62Appendix D:Previous efforts to streamline the federal government 64Appendix E:Congressional Budget Office estimates of select deficit reduction options 65Tax Policy Serv

3、ices team 68Acknowledgments 691|2025 Tax Policy Outlook:A year for actionThe start of the new 119th Congress and the inauguration of Donald J.Trump as president marks the beginning of a year for action on a significant“must-pass”tax bill.The incoming Trump administration and a Republican-controlled

4、Congress are facing a December 31,2025 deadline to extend key 2017 Tax Cuts and Jobs Act(TCJA)individual,business,and international provisions set to expire or change at the end of this year.While some key decisions on timing and process could change,Republicans are unified in holding that failure t

5、o enact a tax bill this year is not an option.A lack of action would result in across-the-board tax increases on virtually every individual taxpayer and automatic increases in some business taxes.At the same time,the global tax policy landscape continues to undergo significant transformation due to

6、pressures from tax competition,globalization,and digitalization.These factors are intensified by governments need to increase revenue to address national deficits,maintain social services,increase defense spending,and advance sustainable development goals,especially in the Global South.Just as econo