Tuesday, September 3, 2024

If Trump's Tax Cuts Expire

WSJ: Tax Increases by County If Trump Tax Cuts Expire

Underlying the 2024 election map is the 2025 expiration date of President Donald Trump's 2017 Tax Cuts and Jobs Act, where Republicans will be pushing to extend those historic tax cuts while Democrats might balk.

The Wall Street Journal provided a comprehensive county-by-county breakdown of how each district will be impacted if Democrats allow Trump's signature tax-cut package to fully expire.

"If Congress doesn't act by the end of 2025, income taxes will go up for most households," according to the Journal's analysis. "An analysis by the Tax Foundation shows that, on average, taxes would rise in every single county in the country — urban or rural, wealthy or poor — but the amounts vary."

In general, higher tax Democrat-run states saw smaller tax cuts, according to the Journal's analysis, but Sen. Roger Marshall, R-Kan., said extending Trump's cuts should be "important" to everyone.

Notably, Vice President Kamala Harris former home town of San Francisco would be hit with one of the largest tax increases in the country.

Among the tax cuts in the 2017 Trump tax law:
Lower rates
Larger standard deduction
Larger child tax credit
Business tax breaks
Relief from the alternative minimum tax
Read more about it... and the countyby-county breakdown if Trump's tax cuts expire.

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