Here’s How You’ll Be Affected

Contrary to the popular mantra from the Left that President Donald Trump’s Tax Cuts and Jobs Act (TCJA) of 2017 was a “tax cut for the rich,” Americans of almost every tax bracket experienced a decrease in their Federal taxes. While the TCJA’s corporate tax cut from 35% to 21% (which helped to spur job growth and decrease prices at the time) was written as a permanent construct in the bill, the individual and small business tax cuts are currently set to expire in 2025. 

Should President Trump fail to reclaim the White House in November, it is unlikely that his opponent, Kamala Harris will extend the tax cuts. This, coupled with some of the outrageous spending proposals put forth by many of the big-government promoters in DC, will lead to burdensome tax increases on the vast majority of American families. 

Here’s how YOU will be impacted if the Tax Cuts and Jobs Act fails to be extended. 

First, a comprehensive rundown on the TCJA’s tax cuts across each income bracket:

$11,000 or less: 10% (was not changed by TCJA)

$11,001-$44,725: 15% to 12%

$44,726-$95,375: 25% to 22%

$95,376-$182,100: 28% to 24%

$182,101-$231,250: 33% to 32%

$231,251-$578,125: 35% (was not changed by TCJA)

> $578,125: 39.6% to 37%

As evidenced above, most income tax brackets experienced a rate decrease, ranging from 1% to 4%. It would appear that lower and middle income brackets benefited the most from Trump’s tax cuts, contradicting big-government talking points. 

Whether you’re a fast-food worker or a corporate businessman, the TCJA helped to relieve your tax burden in some capacity. 

In addition to across-the-board tax rate decreases, the standard deduction was more than doubled for all income earners and the entire filing process was necessarily simplified. 

Before the TCJA, standard deductions for single filers were $6,350; now, they are $13,850. If the TCJA expires, the standard deduction for married couples will only be roughly $16,525, but if this provision of the TCJA were extended through 2026, the standard deduction would be $30,725. 

The child tax credit will drop back to $1,000 from its current $2,000, hurting American families, deductions for small businesses will evaporate, and estate tax exemptions will be cut in half, if the TCJA expires. 

There can be no doubt that the Tax Cuts and Jobs Act was a boost for the economy and for the vast majority of Americans, and one of the most taxpayer-friendly pieces of federal legislation in recent history. If the borderline-socialist radical left retains power over the federal government, the American people will be further crippled by not only continued inflation and unsustainable spending, but drastic tax increases as well. 

The fiscal insanity plaguing every level of government must be reigned in. With out of control spending and increasingly invasive forms of economic involvement by administrative powers, the American people demand restrictions upon their representatives, who undermine their will at every turn. 

Concerned voters and taxpayers should keep this issue in mind when heading to the polls, and should contact their federal Representatives and Senators urging them to extend these tax cuts for American Families and small businesses. 

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