The Tax Cuts and Jobs Act (TCJA) signed into law by President Donald Trump on Dec. 22, 2017, provided across-the-board income tax cuts for all income levels as well as significant tax relief for American taxpayers.
However, most of the tax relief expires on Dec. 31, 2025, which will result in significant tax hikes for most Americans in 2026.
Republican presidential candidate Donald Trump and Republicans in Congress are calling for new legislation in 2025 to make the TCJA tax cuts permanent.
The Tax Foundation estimates that making TCJA tax provisions permanent and canceling TCJA-related scheduled tax hikes would raise long-term GDP by about 1.1 percent per year and increase wages by about 0.3 percent per year.
Harris Tax Proposals So Far Are Concerning Harris’s position on the TCJA’s expiring tax cuts appears to be evolving as a new 2024 presidential candidate.
However, Harris advocates increasing the corporate tax rate back to its previous 35 percent rate, thereby returning the United States corporate tax rate to one of the highest in the developed world.
Anything less will guarantee sufficient Democrat power to not only obstruct and prevent extending the tax cuts and tax relief provisions of TCJA but also the possibility of new taxes on individuals and businesses and a higher corporate income tax rate.
https://spectator.org/massive-tax-hikes-without-gop-win-in-2024-elections/
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