Republicans are Preventing the Largest Tax Hike in History
Washington, D.C.--The 2017 Trump tax cuts reduced taxes for Americans of all income levels and the middle class received the largest proportional benefits of the cuts. If Congress fails to extend this tax relief, Americans will face a more-than $4 trillion tax hike and those making under $400,000 per year will be hit hardest. Permanently extending and building on proven tax reform is the best way to restore economic prosperity and opportunity for working families.
If the 2017 Trump tax cuts expire:
- More-than $2.6 trillion tax hike on households earning less than $400,000 per year.
- $1,700 tax hike on average family of four.
- Child tax credit halved for millions of American families.
- 20 million small business owners would face massive tax hikes, with rates up to 43 percent.
- Small businesses and farms would see their death tax exemption cut in half.
Republicans are preventing a more-than $4 trillion tax increase, making tax relief permanent for families and businesses:
- Permanent lower tax rates, letting Americans keep more of their hard-earned money.
- Permanent increased and enhanced child tax credit for tens of millions of families.
- Permanent increased and enhanced standard deduction, claimed by over 90 percent of taxpayers.
- Permanent small business deduction, enabling job creation and spurring local economic activity.
Click HERE to view text of the Finance reconciliation bill.
Click HERE for a section-by-section.
Click HERE for a bill overview.
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