US EditionTaxpayer group warns of higher taxes, state costs if Trump tax cuts not extended
- Congress has until the end of 2025 to decide whether to extend the 2017 Tax Cuts and Jobs Act before it expires and affects taxpayers and states nationwide.
- The Act's expiration would reverse lower tax rates, reduce the standard deduction for over 90% of taxpayers, cut the child tax credit, and restore higher tax brackets and lower estate tax thresholds.
- The National Taxpayers Union Foundation and other reports warn that expiring reforms would cause tax increases for 62% to 80% of Americans, shrink state tax bases, and trigger economic losses including job reductions.
- Joseph Bishop-Henchman noted that the most immediate consequence would be increased tax payments for households, along with automatic shifts in the tax structure, the removal of business incentives that promote economic growth, and significant challenges related to compliance.
- Failure to extend the tax cuts could result in average tax hikes near $3,000 per filer, state revenue declines, and a $4 trillion loss in federal revenue, leading policymakers to face significant fiscal challenges.
42 Articles
42 Articles
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Daily Journal
Taxpayer group warns of higher taxes, state costs if Trump tax cuts not extended
(The Center Square) – If Congress fails to extend the provisions of the 2017 Tax Cuts and Jobs Act, it will trigger tax increases for most Americans, affect state economies and change state tax structures, the National Taxpayers Union Foundation…
Marietta Daily Journal
Taxpayer group warns of higher taxes, state hits if Trump tax cuts not extended
(The Center Square) – The National Taxpayers Union Foundation reported Thursday that if Congress fails to extend the provisions of the 2017 Tax Cuts and Jobs Act, it will trigger widespread tax increases for Americans, affect state economies and disrupt…
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