When Americans go to the polls in November, they will be deciding the playing field for the biggest battle in memory over the direction of U.S. fiscal policy.

The big picture: Major provisions of former President Trump’s 2017 tax law expire at the end of 2025, meaning taxes would go up for most Americans if no new bill is passed. Neither party wants to let that happen in its entirety — but Democrats and Republicans have radically different visions of what the tax code should look like in 2026 and beyond.

Why it matters: Control of the White House, Senate and House will determine who holds the best cards in negotiations to extend the Tax Cuts and Jobs Act (TCJA). The legislation that results will decide the outlook for U.S. public debt, and where the burden of paying for government falls.

• “Doing nothing means you go over a cliff,” Zach Moller, director of centrist think tank Third Way’s economic program, […]