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Key tax and economic issues to watch include:

📌 Income Tax Rates: The 2017 Tax Cuts and Jobs Act (TCJA) lowered income tax rates, which are set to expire at the end of the year. Treasury Secretary, Scott Bessent, aims to make them permanent.

📌 SALT Cap: The $10,000 cap on state and local tax (SALT) deductions, introduced in 2017, remains controversial. Lawmakers from high-tax states are pushing for an increase, with proposals ranging from a modest rise to a dramatic increase.

📌 Social Security Taxes: There is bipartisan support for eliminating taxes on Social Security benefits, but the cost would be substantial

📌 Spending Cuts: The administration plans to cut spending through a new Department of Government Efficiency, with a goal of reducing the deficit by half

📌 Tariffs: The administration is also considering tariff increases. Proponents argue the impact on prices may be limited and offset by factors like a stronger dollar and price adjustments from foreign producers.

📌 Estate Taxes: While today's lifetime estate-tax exclusion is set to expire, lawmakers are considering making it permanent.

Key Takeaways: You should keep in mind what could potentially be on the horizon, but above all, have a retirement plan that is prepared for the unexpected.