At a meeting last week, Senate Finance Committee Democrats said they are working on a number of different tax provisions they want to address as part of the 2025 fiscal cliff, including steeper taxes on wealthy individuals and multinational corporations.
"The main goal here is this can’t just be a debate about the 2017 tax cuts," Sen. Mark Warner, D-Va., said, according to Bloomberg. "This is going to be Tax Armageddon. It’s time to suit up."
Enacted by former President Donald Trump in 2017, the Tax Cuts and Jobs Act drastically overhauled the nation's tax code, including reducing the top individual income tax bracket to 37% from 39.6% and nearly doubling the size of the standard deduction.
