Staff Reports
A tax cut signed by former President Donald Trump is set to expire next year, and Congress needs to act to prevent that from happening.
The tax cut, known as the Tax Cuts and Jobs Act, was passed in 2017 and benefited many American households. According to the Tax Policy Center, 65% of households paid less individual income tax in 2018 because of the cut. The Tax Foundation also stated that the act reduced tax burdens for taxpayers across the income spectrum and simplified the tax filing process. It also boosted capital investment and improved the international tax system.
Report: Trump's Tax Cuts End in 2025 – Demand Congress Extend Them Now via @WestJournalism https://t.co/MSGXjpcxQt Some facts about President Trump's Tax cuts. Some liars said this benefits the rich at the expense of the middle class, WRONG!
— Brian Artzberger (@BArtzberge7160) May 15, 2024
The impact of the tax cuts was felt most by lower- and middle-income groups, who received the largest relative individual income tax cuts, as noted by Chris Edwards of the Cato Institute.
Despite the benefits of the tax cuts, there has been partisan disagreement over their impact. President Biden and his campaign team have misled the public about the effects of the tax cuts, claiming that they only benefitted the wealthy and big corporations. However, this claim has been debunked, and it is clear that these tax cuts have benefited working-class and middle-class families.
It is important for Congress to act and extend these tax cuts to continue providing relief to American households. The cuts have not only helped individuals and families keep more of their own money, but they have also empowered them to invest and save, spurring economic growth.
There are also concerns about the potential impact of letting the cuts expire on federal government revenues. It has been reported that federal government receipts have increased since the passage of the tax cuts, indicating that they have not had a negative impact on government revenue.
Considering the positive impact of the tax cuts on individuals and the economy, it is crucial for Congress to extend them. The American people should advocate for the extension of these cuts and not be misled about their benefits.
In light of the upcoming 2024 election, it is essential for the American people to stay informed and support sources of accurate and truthful information. It is important to not let establishment media and other forces deceive the public.
