How the presidential election results could affect your taxes

CHICAGO (WLS) – The 2024 presidential election is just days away, and whoever wins the presidency will have to deal with several financial issues; This includes the Tax Cuts and Jobs Act (TCJA), which is set to expire at the end of next year.

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If Congress does not extend the tax reform law, an estimated 60 percent of Americans will face higher taxes, weaker incentives to work and invest, and a more complicated tax system starting in 2026.

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Local financial expert Phillip Shaw of Goldstone Financial Group visited ABC 7 to explain the provisions of the Tax Cuts and Jobs Act and what taxpayers can expect when it expires.