OPINION: The sunset of the Trump tax cuts will cast darkness on the economy
Americans for Tax Reform President Grover Norquist reacts to ‘Bidenomics’ on ‘The Evening Edit.’
In other words, the folks on the lower end of the income spectrum are going to be forking over an extra 3% of their annual earnings to Uncle Sam, while higher earners will get a smaller hike that will cost them more in absolute terms. Even more significantly for many filers, the Tax Cuts and Jobs Act roughly doubled the amount of the standard deduction, from $13,000 to $24,000 for married filers. Unless Congress acts, this extraordinary benefit will expire at the end of 2025.
It’s difficult to overstate how big of a deal this is, especially for lower-income taxpayers. According to the Tax Foundation, the TCJA roughly halved the number of people who itemize their tax deductions. And let’s be honest, itemizing is primarily a tool for the rich. Only about 1% of filers in the lowest bracket itemize, and it’s not particularly popular with anyone below the top 10% of earners.
The TCJA also made changes to the capital gains tax, and more than doubled the lifetime gift and estate tax exemption from $5.5 million to $11.2 million.
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