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IPFS News Link • TAXES: Federal

Tax Armageddon Day Is Coming

•, by Jerry Rogers

Death and taxes are fated. However, are enormous tax hikes also a fait accompli? Is it a certainty – 'an accomplished fact' – that the White House and Congress will repeal tax reforms that worked? Tax breaks that helped small business owners and families.  

For the past several days Americans have been scrambling to make the deadline to complete their 2022 tax returns. Most taxpayers will be relieved once the ordeal is done. However, here's an unfortunate reality: if Washington fails to act, the federal tax code is headed for major changes in just a couple of years, including massive tax hikes on families and small businesses.

In December 2017, Congress passed, and Donald Trump signed an historic, comprehensive tax reform package.

The Tax Cuts and Jobs Act slashed taxes for almost all Americans, substantially reduced corporate and small business taxes, and increased the standard deduction for individuals and couples.

The reforms are set to expire – and certain provisions have already expired – in 2025. Unless the Congress moves to make the 2017 tax reforms permanent, Americans will suffer colossal tax increases crushing small businesses and family budgets. 

The 2017 tax cuts delivered results for the American people, despite fierce opposition and false predictions of economic ruin. Opposition to the tax cut plan was intense. It was constant and well organized. At the time, many pundits – both on the right and left – predicted that the Republicans in Congress would cower and (former) President Trump would be forced to fold. It didn't happen.

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