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Recent Editions
Accountancy Slice
North America
Maya MacGuineas, president of the Committee for a Responsible Federal Budget, has indicated that tax policy may not be a top priority for the incoming presidential administration. Speaking on Monday at the 2024 AICPA & CIMA National Tax Conference, she said: "Tax policy is not nearly as central to the agenda as I would have thought it would be [...] It's going to be a huge issue, but it's wrapped up in a whole lot of other things, which is how to spur economic growth" through deregulation and energy policy. MacGuineas noted that President-elect Donald Trump's proposals could add $7.75tn to the national debt over the next decade, primarily from extending the Tax Cuts and Jobs Act. However, Trump's campaign proposals, including eliminating taxes on income sources like tips and Social Security, may conflict with traditional tax policies. She emphasized that addressing the national debt requires "raise taxes and cut spending." As of September 2023, the national debt stood at $33tn.
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