The House Freedom Caucus budget resolution released Monday fails to extend the historic 2017 Trump tax cuts and omits the additional tax cuts President Trump campaigned on.
The resolution would not extend the 2017 Tax Cuts and Jobs Act signed into law by President Trump that cut taxes across all income groups. Similarly, the resolution does not include any of the new tax cuts President Trump campaigned on, such as tax-free tips and an additional round of tax cuts for American businesses.
Trump’s own Treasury Secretary, Scott Bessent, asserted just last week that voters gave the President a mandate to make the Tax Cuts and Jobs Act permanent:
“President Trump has a mandate. He came in to do big things. And one of the big things that this administration wants to do is make the 2017 Tax Cuts and Jobs Act permanent,” Bessent said. “And that permanency will continue to make the U.S. the number one economy in the world in terms of growth.”
Taxpayers face the largest tax increase in American history if Congress fails to extend the 2017 Trump tax cuts. Failure from Congress to act would mean taxpayers fall back into living under Obama’s tax rates:
- The standard deduction, currently claimed by 90% of tax filers, would be cut in half.
- Forty million families would see their current Child Tax Credit cut in half.
- A family of four earning $80,610 on average would see a $1,695 tax hike.
- More than 26 million small business owners would be hit with a 43.4% tax rate.
Americans for Tax Reform supports President Trump’s mandate to make the 2017 Tax Cuts and Jobs Act permanent and calls on Congress to prioritize tax cuts in reconciliation.
