If Congress doesn’t act, Americans’ taxes will automatically increase in the coming years.
The 2017 tax cuts are temporary, and some of those taxes are scheduled to start increasing in three years’ time.
Last year, American families of four saw their taxes cut by an average of $3,000. The typical taxpayers benefited from getting to keep about $1,400 more of their hard-earned money.
One of the most important parts of the tax cuts, which support new business investments for workers and jobs, begins to expire after 2022. Three years after that, taxes increase on personal income.
As deficits increase to more than a trillion dollars annually, Congress will face growing pressure to raise taxes above where they were before the cuts.
That’s why it is imperative for Congress to pass a budget that sets our fiscal house in order so that taxes can remain low.
Last week, The Heritage Foundation released its fiscal year 2020 congressional budget proposal, “Blueprint for Balance.”
The Blueprint shows how Congress can responsibly correct the course of federal spending by cutting $10.8 trillion over 10 years, extend the tax cuts, and eliminate deficits by 2029.
Read the full story from The Daily Signal
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