The Economy Boomed
- Total corporate investment rose by about 11%.
- Gross Domestic Product rose by nearly 1% (for a $27 trillion economy, that’s at least $270 billion).
- Zero American businesses moved abroad.
- By FY 2022, tax revenues reached a record high of $4.9 trillion—beating expectations.
A Tax-Mageddon Is Coming
Many provisions in the 2017 tax cuts were temporary and set to expire at the end of 2025. If these provisions are not made permanent, workers, households, and small businesses will be hit financially.
- The average taxpayer will see a 22% tax hike.
- A family of four making $80,610 (the median U.S. income) would see a $1,695 tax increase.
- More than 62% of tax filers will experience tax increases in 2026.
- In TCJA, a 20% deduction for small businesses was created but will expire this year.
- The Child Tax Credit will be slashed in half from $2,000 to $1,000 for 40 million families.
- 91% of all taxpayers would see their guaranteed deduction slashed in half.
- 26 million small businesses will face a 43.4% top tax rate.
- 2 million family-owned small businesses, farms, and ranches would be hit by the death tax (forced to sell land and other assets to pay a big tax bill).
Congress must make the expiring provisions of the 2017 tax cuts permanent. Congress can also build on these tax cuts to defund wasteful government programs, cut spending, and set America onto a surer fiscal footing.
Americans overwhelmingly say they do not want a tax hike. This issue is not red or blue but green.
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