{"id":2245142,"date":"2024-05-15T13:39:03","date_gmt":"2024-05-15T17:39:03","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/report-trumps-tax-cuts-end-in-2025-demand-congress-extend-them-now\/"},"modified":"2024-05-15T13:40:22","modified_gmt":"2024-05-15T17:40:22","slug":"report-trumps-tax-cuts-end-in-2025-demand-congress-extend-them-now","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/report-trumps-tax-cuts-end-in-2025-demand-congress-extend-them-now\/","title":{"rendered":"Report: Trump&#8217;s Tax Cuts Expire in 2025 &#8211; Call for Congress to Extend Them ASAP"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">30<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Freport-trumps-tax-cuts-end-in-2025-demand-congress-extend-them-now%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2245142&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The Tax Cuts and\u200b Jobs Act, \u2062passed \u200din 2017, is facing expiration next \u200byear.\u2064 Congress \u2064must decide on its \u200dextension as it\u200c affected various income\u2063 groups \u2063with tax reductions.\u2064 Despite its benefits, partisan views have complicated the matter. Advocates emphasize the economic growth and individual empowerment \u200bthat tax\u2064 cuts\u2063 offer, urging for their continuation \u200dto maintain stability\u200b and support financial growth.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<header> <a href=\"https:\/\/www.westernjournal.com\/commentary\/\">  Commentary <\/a>   <span> <\/p>\n<p><a href=\"https:\/\/www.westernjournal.com\/author\/sshort\/\">  <\/a> <\/p>\n<p> <span>   By <a href=\"https:\/\/www.westernjournal.com\/author\/sshort\/%20\"><span>Samuel Short<\/span><\/a> <\/span> <span>   May 15, 2024 at 9:56am <\/span> <\/span>  <\/header>\n<section>\n<p>A tax cut from former President Donald Trump\u2019s term in office is set to expire at the end of next year \u2014 Congress must act to keep that from happening.<\/p>\n<p>According to the <a href=\"https:\/\/www.taxpolicycenter.org\/taxvox\/three-numbers-know-about-tcja-2018\" target=\"_blank\" rel=\"noopener\">Tax Policy Center<\/a>, The <a href=\"https:\/\/www.congress.gov\/bill\/115th-congress\/house-bill\/1\/text\" target=\"_blank\" rel=\"noopener\">Tax Cuts and Jobs Act<\/a> \u2014 passed in 2017 \u2014 resulted in 65 percent of American households paying less <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/schumer-spokesman-celebrates-1-9-trillion-covid-relief-plan-erases-ny-budget-deficit\/\" title=\"Schumer Spokesman Celebrates: .9 Trillion COVID Relief Plan Erases NY Budget Deficit\">individual income tax<\/a> in 2018 while 6 percent of households paid more and the remaining 29 percent paid about the same amount.<\/p>\n<p>In providing a summary of the act\u2019s impact, the <a href=\"https:\/\/taxfoundation.org\/research\/all\/federal\/2025-tax-reform-options-tax-cuts-and-jobs-act\/\" target=\"_blank\" rel=\"noopener\">Tax Foundation said<\/a>, \u201cThe TCJA reduced average tax burdens for <a href=\"https:\/\/www.westernjournal.com\/congresswoman-suggests-black-people-exempt-paying-taxes-owe-labor-stolen\/\" target=\"_blank\" rel=\"noopener\">taxpayers<\/a> across the income spectrum and temporarily simplified the tax filing process through structural reforms. It also boosted capital investment by reforming the corporate tax system and significantly improved the international tax system.\u201d<\/p>\n<p>To be more specific regarding who these cuts impacted, <a href=\"https:\/\/www.cato.org\/blog\/who-gained-tax-cuts\" target=\"_blank\" rel=\"noopener\">Chris Edwards<\/a> of the Cato Institue stated, \u201clower\u2010 and middle\u2010\u200bincome groups received the largest relative individual income tax cuts.\u201d<\/p>\n<p>This all seems pretty straightforward, doesn\u2019t it? Congress must act. Surely neither party would actually advocate for a tax hike. Disappointingly, these cuts were not spared partisan quarrelling as <a href=\"https:\/\/www.westernjournal.com\/arizona-schools-bearing-cost-bidens-border-crisis\/\" target=\"_blank\" rel=\"noopener\">President Biden<\/a>\u2018s campaign team for the 2020 election mislead the public about their impact.<\/p>\n<p>The Washington Post\u2019s Glenn Kessler <a href=\"https:\/\/www.washingtonpost.com\/politics\/2019\/05\/01\/bidens-false-claim-that-no-one-rich-got-trumps-tax-cuts\/\" target=\"_blank\" rel=\"noopener\">reported in 2019<\/a> that then-former Vice President Biden told a campaign rally in Pittsburgh, Pennsylvania, \u201cThere\u2019s a $2 trillion tax cut last year. Did you feel it? Did you get anything from it? Of course not. Of course not. All of it went to folks at the top and corporations.\u201d<\/p>\n<p>The Biden campaign parroted this falsehood, with spokesman Andrew Bates saying, \u201cJoe Biden is committed to reversing the <a href=\"https:\/\/www.westernjournal.com\/2-top-republicans-demand-doj-open-criminal-probe-michael-cohen\/\" target=\"_blank\" rel=\"noopener\">Republican<\/a> tax plan because it is overwhelmingly a giveaway to the wealthy and big corporations that hard-working families can\u2019t afford.\u201d<\/p>\n<p>The Biden campaign invoked the usual leftist \u201ctax the rich\u201d motto, without an inkling of reality behind their criticism. Biden thought before 2020 he could mislead working-class and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/fncs-carlson-gamestop-saga-shows-system-is-not-the-capitalism-we-were-promised-not-even-close\/\" title=\"FNC's Carlson: GameStop Saga Shows System Is 'Not the Capitalism We Were Promised -- Not Even Close'\">middle-class families<\/a> who were benefiting from the cuts, so he could get their vote.<\/p>\n<p>Let\u2019s play devil\u2019s advocate for a moment.<\/p>\n<div id=\"firefly-poll-container\">\n<p>Do tax cuts result in economic growth?<\/p>\n<\/p><\/div>\n<p>What about revenues that will be collected should the cuts expire? Given the deficit and <a href=\"https:\/\/www.westernjournal.com\/federal-reserve-chair-admits-confidence-rattled-wholesale-inflation-unexpectedly-surges\/\" target=\"_blank\" rel=\"noopener\">inflation<\/a>, it may be time to take the bitter medicine, let them expire, and hope for some reversal of fortunes.<\/p>\n<p>According to <a href=\"https:\/\/www.cato.org\/blog\/federal-tax-revenues-soar\" target=\"_blank\" rel=\"noopener\">the Cato Institute<\/a>, in 2021 revenues had actually gone up since the passage of Trump\u2019s cuts. <a href=\"https:\/\/www.statista.com\/statistics\/200405\/receipts-of-the-us-government-since-fiscal-year-2000\/#:~:text=The%20total%20receipts%20of%20the,about%206.8%20trillion%20U.S.%20dollars.\" target=\"_blank\" rel=\"noopener\">Statista<\/a> reported total receipts for the federal government added up to $4.44 trillion dollars in 2023. This number is projected to rise to $6.8 trillion by 2029.<\/p>\n<p>Additionally, we must also consider how these cuts benefit the individual. A cut seems pretty self-explanatory, but it bears elaborating. Allowing people to keep their own money empowers them as individuals. The families benefiting from these cuts can invest and save. Higher income individuals can invest in businesses. Both can spur economic growth.<\/p>\n<p>But what about inflation?<\/p>\n<p>The American people are already taking the aforementioned \u201cbitter medicine\u201d to combat inflation via <a href=\"https:\/\/www.npr.org\/2024\/05\/01\/1248454950\/federal-reserve-inflation-interest-rates\" target=\"_blank\" rel=\"noopener\">high interest rates.<\/a><\/p>\n<p>It also cannot be said enough that Congress does not have a stellar record spending the money it already has. The American people are constantly let down as the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/out-of-control-crime-threatens-to-bury-democrat-chances-in-november\/\" title=\"Out Of Control Crime Threatens To Bury Democrat Chances In November\">border remains wide open<\/a> while <a href=\"https:\/\/www.westernjournal.com\/zelenskyy-says-working-washington-tie-future-presidents-hands-forcing-support-ukraine\/\" target=\"_blank\" rel=\"noopener\">billions flow to foreign governments<\/a>.<\/p>\n<p>All things considered: We <em>must<\/em> extend these cuts.<\/p>\n<p>Contact your congressman. Advocate for their extension. Do not be misled about their benefits!<\/p>\n<hr>\n<div>\n<p><b><i>An Important Message from Our Staff:<\/i><\/b><\/p>\n<p><i><span>In just a few months, the world is going to change forever. The 2024 election is the single most important election of our lifetime. <\/span><\/i><\/p>\n<p><i><span>We here at The Western Journal are committed to covering it in a way the establishment media simply will not: We will tell the truth, and they will lie.<\/span><\/i><\/p>\n<p><i><span>But Big Tech and the elites don\u2019t want the truth out. That\u2019s why they have cut us off from 90% of advertisers. Imagine if someone cut your monthly income by 90%. That\u2019s what they\u2019ve done to people like us. <\/span><\/i><\/p>\n<p><i><span>As a staff, we are asking you to <\/span><\/i><a href=\"https:\/\/www.westernjournal.com\/subscribe\/?utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>join us<\/span><\/i><\/a><i><span>  to fight this once-in-a-lifetime fight. Without you not only will The Western Journal fail, but America will fail also. As Benjamin Franklin said, \u201cWe must all hang together, or assuredly we shall all hang separately.\u201d<\/span><\/i><\/p>\n<p><i><span>Will you support The Western Journal today and <\/span><\/i><a href=\"https:\/\/www.westernjournal.com\/subscribe\/?utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>become a member<\/span><\/i><\/a><i><span>? <\/span><\/i><\/p>\n<p><i><span>A Western Journal <\/span><\/i><a href=\"https:\/\/www.westernjournal.com\/subscribe\/?utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>Membership<\/span><\/i><\/a><i><span>  costs less than one coffee and breakfast sandwich each month, and it gets you access to ALL of our content \u2014 news, commentary, and premium articles. You\u2019ll experience a radically reduced number of ads, and most importantly you will be vitally supporting the fight for America\u2019s soul in 2024.<\/span><\/i><\/p>\n<p><i><span>This is the time. America will live or die based on what happens this year. Please <\/span><\/i><a href=\"https:\/\/www.westernjournal.com\/subscribe\/?utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>join us<\/span><\/i><\/a><i><span>  to get the real truth out and to fight the elites, Big Tech, and the people who want America to fail. Together, we really can save the country.<\/span><\/i><\/p>\n<p><b><i>Thank you for your support!<\/i><\/b><\/p>\n<p><i><span>P.S. <\/span><\/i><a href=\"https:\/\/www.westernjournal.com\/subscribe\/?utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>Please stand with us<\/span><\/i><\/a><i><span>!<\/span><\/i><\/p>\n<\/p><\/div>\n<div id=\"author-info-45824\">\n<p><a href=\"https:\/\/www.westernjournal.com\/author\/sshort\/\">  <\/a> <\/p>\n<div>\n<p><label for=\"more-info-tab-radio-45824\">More<span> Biographical Information<\/span><\/label><label for=\"posts-tab-radio-45824\">Recent<span> Posts<\/span><\/label><label for=\"contact-tab-radio-45824\" onclick=\"if( typeof grecaptcha=='undefined' ) { let cap_s=document.createElement( 'script' ); cap_s.src='https:\/\/www.google.com\/recaptcha\/api.js?render=6LeJFcsUAAAAAPsIEqvB1EebWbZfqRUe6ebMpGy7'; document.body.appendChild( cap_s ); }\">Contact<\/label><\/p>\n<div>\n<p>  Sam Short is an Instructor of History with Motlow State Community College in Smyrna, Tennessee. He holds a BA in History from Middle Tennessee State University and an MA in History from University College London. <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Commentary by Samuel Short on May 15, 2024, highlights the looming expiration of a tax cut initiated during President Trump&#8217;s tenure. Congress faces the crucial task of extending the Tax Cuts and Jobs Act passed in 2017. Act swiftly to prevent its lapse at the end of next year, urged by experts at the Tax Policy Center<\/p>\n","protected":false},"author":2984,"featured_media":2245143,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2024\/05\/Trump-Taxes.jpg","fifu_image_alt":"","footnotes":""},"categories":[548],"tags":[],"class_list":["post-2245142","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-conservative-news-daily"],"fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2024\/05\/Trump-Taxes.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2245142","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2984"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2245142"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2245142\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2245143"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2245142"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2245142"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2245142"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}