Your Strategic Wayfinders
Tariffs
President Trump has discussed and imposed various tariff amounts, depending on the exporting country. On April 2, 2025, he announced 10 % tariffs on all imports into the United States, with rates even higher for about 60 countries or trading blocs that have a high trade deficit with the U. S. The baseline 10 % tariff is expected to go into effect on or after 12:01 a. m. eastern daylight time on April 5, 2025, then any higher tariffs are effective April 9, 2025.
While President Trump maintains those countries will pay the tariffs, it’ s generally the U. S. importer of record that’ s responsible for paying tariffs. Economists generally agree that at least part of the cost would then be passed on to consumers.
The Hurdles
Republican lawmakers plan on passing tax legislation using the reconciliation process, which requires only a simple majority in both houses of Congress. However, the GOP holds the majority in the House by only three votes.
That gives potential holdouts within their own caucus a lot of leverage. For example, deficit hawks might oppose certain proposals, while centrist members may prove reluctant to eliminate popular tax breaks and programs.
Republican representatives of all stripes are likely to oppose moves that would hurt industries in their districts, such as the reduction or elimination of certain clean energy incentives. And, of course, lobbyists will make their voices heard
2025 Federal Tax Rate Card
While tax changes are expected to be announced this year, they are unlikely to impact our 2025 tax rates. Stay ahead by downloading our 2025 federal tax rate card today.
Your Strategic Wayfinders
We get it. All this tax chatter can be overwhelming. However, our tax pros are here to decode the latest breaking tax news, so that you don’ t have to. To learn more about what this all means for you and your business or to take advantage of the TCJA-related tax breaks before it’ s too late, we’ re on standby and equipped with tax solutions.
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