Taxes are a necessary part of life, but they can also be a major source of stress and frustration for many Americans. With April 15th, also known as Tax Day, quickly approaching, it’s important for lawmakers to address the issue of the 2017 Trump tax cuts and make them permanent before they expire.
The Trump tax cuts, officially known as the Tax Cuts and Jobs Act, were signed into law in December 2017 and brought about significant changes to the tax code. These changes included lower tax rates for individuals and businesses, an increase in the standard deduction, and a doubling of the child tax credit. These changes were meant to stimulate economic growth and provide relief for hardworking Americans.
Since the implementation of these tax cuts, we have seen positive effects on the economy. Unemployment rates have reached record lows, wages have increased, and businesses have been able to expand and create new jobs. These are all clear signs that the tax cuts are working and have been beneficial for the American people.
However, the tax cuts are set to expire in 2025, which means that Americans will soon see an increase in their tax bills if lawmakers do not take action to make them permanent. This would be a major blow to the economy and to the American people who have benefited from these tax cuts.
As we approach Tax Day, it’s important to remember the impact that these tax cuts have had on our lives. They have allowed us to keep more of our hard-earned money and have given us the opportunity to invest in our futures. But if the tax cuts expire, we will see a significant increase in our taxes, making it harder for us to provide for ourselves and our families.
That’s why it’s crucial for lawmakers to act now and make the Trump tax cuts permanent. By doing so, they will not only provide long-term stability for American taxpayers, but they will also continue to stimulate economic growth and create more job opportunities.
Some may argue that making the tax cuts permanent will add to the national debt and deficit. However, the economic growth generated by these tax cuts has already shown promise in reducing the deficit. In fact, the Congressional Budget Office has projected that the tax cuts will reduce the deficit by $1.2 trillion over the next decade.
It’s also important to note that the tax cuts have not only benefited individuals, but also small businesses. As the backbone of our economy, small businesses have been able to thrive and create jobs thanks to the tax cuts. Making them permanent will ensure that these businesses can continue to grow and contribute to the economy.
In addition to the economic benefits, making the tax cuts permanent will also provide peace of mind for American taxpayers. Knowing that their taxes will not increase in the future will allow them to plan and budget accordingly, providing much-needed stability for their financial futures.
In conclusion, as we approach Tax Day, it’s clear that the Trump tax cuts have had a positive impact on the economy and the American people. But in order for these benefits to continue, it’s imperative that lawmakers take action to make the tax cuts permanent. Failure to do so will not only harm the economy, but it will also create unnecessary stress and uncertainty for American taxpayers. Let’s urge our lawmakers to act now and make the 2017 Trump tax cuts permanent, for the sake of our economy and our future.