Local tax expert: Invest, contact trade groups ahead of 2026 changes to federal tax code
According to the Tax Foundation, a non-partisan non-profit that focuses on tax codes, President Trump's 2017 Tax Cuts and Jobs Act is set to sunset at the end of the year.
The Tax Foundation says that the president is mulling bringing back the 2017 code, including these changes:
Bringing back the deduction for state and local taxes (SALT)
Reducing the corporate tax rate for domestic production
Exempting various types of income from the income tax
Repealing green energy tax credits
Imposing steep new tariffs
Any taxes to the tax code would have to be made through the Senate and the House.
Jim Schnell — a tax partner with MMB+CO — says that generally speaking, should the 2017 rules come back, wealthy people and big business stand to benefit.
He says the situation is fluid, and the best thing to do is discuss any changes you need to make at an individual or business level with a tax pro. Businesses should already be contacting their trade groups, partner businesses and organizations, and calling their elected officials.
'Look at your total budgets, be prepared to implement these changes, because the smaller the business statistically, the more dramatic the impact of the changes are going to be per capita,' Schnell continued. 'Get ready to work with your clients, whether you have 20, 200, or 20,000 to be ready to communicate what this means.'
Schnell says that for individuals, prioritizing investment in a 401k, or a Roth IRA, are a good way to brace for any tax code changes.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Hill
a few seconds ago
- The Hill
The US needs a foothold in the Sahel, and Togo is here to help
As Congress prepares to mark up the fiscal 2026 National Defense Authorization Act, the U.S. has a critical opportunity to strengthen its strategic partnerships in Africa — partnerships that will shape regional stability for years to come. Nowhere is this more urgent than in West Africa. Earlier this year, General Michael Langley, Commander of AFRICOM, warned that terrorist groups are actively seeking access to the West African coastline — an objective that 'puts not just African nations at risk, but also increases the chance of threats reaching the U.S. shores.' Terrorist attacks in northern Togo, once unthinkable, are now tragically real. To counter extremism and support governance in vulnerable states, the U.S. must act with urgency and with trusted partners. It must act with Togo. Togo is the United States' most engaged and capable defense partner in coastal West Africa. Over the past decade, Togo and the United States have built a strong foundation of security cooperation — from joint military training and intelligence sharing to maritime patrols and regional counterterrorism efforts. Our armed forces regularly participate in U.S.-led exercises like Flintlock, which strengthens special operations and counterterror capabilities across the Sahel, and Obangame Express, which enhances maritime security coordination in the Gulf of Guinea. These efforts do more than build capacity and interoperability — they forge real operational trust. At home, Togo has prioritized national security by increasing its defense budget from 8.7 percent of total government spending in 2017 to 17.5 percent in 2022 — an investment aimed at modernizing our military and enhancing readiness. These efforts have made our relationship a model of partnership and a cornerstone of regional stability. As U.S. Air Force Major General Kenneth Ekman, Director of the AFRICOM Coordination Element, emphasized in November 2024, 'The partnership between AFRICOM and the Togolese military is essential in promoting peace and security across the West African region. By strengthening this relationship, we not only enhance Togo's defense capabilities but also ensure a united and effective approach to addressing the complex security challenges we face together.' This partnership aligns with the Trump administration's strategic shift toward a leaner U.S. defense footprint in Africa, built around empowering reliable regional partners to take the lead in addressing transnational threats. Togo has embraced this approach — stepping up its operational capabilities and committing to greater regional responsibility. As General Langley noted in front of the House Armed Services Committee, 'Strengthening the capacity of African partners to address security challenges and enhance regional stability reduces the long-term need for U.S. security assistance.' Togo is demonstrating exactly that model of sustainable, partner-led security cooperation. While U.S. law restricts certain forms of direct assistance to Sahelian countries such as Mali, Burkina Faso, and Niger, information sharing remains both legal and vital. Section 7008 of annual appropriations legislation bars most security assistance, but these restrictions do not apply to partners like Togo. Nor do they prevent the U.S. from sharing actionable intelligence with Togo, which can in turn serve as a critical conduit for relaying threat information to frontline states across the Sahel. With the right mechanisms in place, Togo can act as a trusted channel for coordination, helping to ensure that U.S. intelligence reaches those best positioned to act on it — even in countries where direct U.S. engagement is limited by law. The threat posed by terrorist networks in the Sahel cannot be overstated. According to the 2025 Global Terrorism Index, the region now accounts for over half of all terrorism-related deaths worldwide. Lethal and organized groups such as al-Qaeda affiliate Jama'at Nasr al-Islam wal-Muslimin and the Islamic State in the Greater Sahara continue to exploit porous borders, local grievances, and weak governance to expand their reach. These extremist networks are no longer confined to the Sahel's core — they are steadily advancing southward into Togo, Ghana, Benin, and Côte d'Ivoire, where they are actively seeking access to ports and transit corridors to support smuggling, arms trafficking, and illicit finance. The implications for regional security — and for international partners with strategic interests in West Africa — are profound. Regional security is a prerequisite for economic growth and trade across Africa. The Gulf of Guinea, including Togo's Port of Lomé — the deepest-water port on the West African coast — is a lifeline for inland economies and a vital logistics hub for landlocked countries in the Sahel, a corridor that would be threatened with heightened terrorist activity. The U.S. cannot afford to retreat from the Sahel. Nor should it allow extremist groups to expand their influence unchecked. By strengthening cooperation with capable, willing partners like Togo, and by leveraging Togo as a hub for regional intelligence coordination, the U.S. can regain strategic momentum and help stem the tide of extremist and criminal networks. The road ahead will be difficult. But with the right tools, partners, and political will, we can contain this crisis before it escalates further. The rise of terrorism in the Sahel is not just a regional issue — it is a direct threat to global stability and U.S. national security. Unchecked, these networks will expand, radicalize, and export violence far beyond Africa's borders. Togo stands ready to confront this threat alongside the U.S. — not only to defend peace, but to secure prosperity across the continent.
New York Post
a few seconds ago
- New York Post
Illegal Migrant Accused of Shooting Off-Duty Border Agent in the Face
A brazen attack on an off-duty border patrol agent in New York draws the attention of President Trump, a glimmer of good news amid the tragedy of the Texas floods and the latest on the Astronomer's ex-CEO and his illicit paramour after the Coldplay Jumbotron incident.
Bloomberg
2 minutes ago
- Bloomberg
Hiding Weather Data Harms More Than Hurricane Forecasts
The Butterfly Effect is the chaos-theory idea that the flapping of an insect's tiny wings can influence massive weather events far removed from it in distance and time. It may overstate the importance of butterflies, but it is a reminder of how small actions can have larger, unforeseen consequences. An even clearer example is the Trump administration's recent decision to stop sharing military satellite data with weather forecasters just ahead of what will be a busy hurricane season. The effects will reverberate far beyond weather forecasting, threatening lives and livelihoods and even accelerating the nation's growing home-insurance crisis.
