President-elect Donald Trump celebrated Sunday as the “7th Anniversary of the Trump Tax Cuts becoming Law,” promising to implement “the largest tax cuts in the history of our country” by the same time next year.
Trump took to Truth Social early Sunday to mark the occasion, writing, “Today is the 7th Anniversary of the Trump Tax Cuts becoming Law.”
“Next year, we will deliver the largest Tax Cuts in the History of our Country,” he continued, concluding with his signature slogan: “MAKE AMERICA GREAT AGAIN!”
The Tax Cut and Jobs Act, which Trump signed into law in 2017, includes provisions that are set to expire by the end of 2025. This will result in over $4 trillion in tax hikes beginning on January 1, 2026, placing a major challenge on the next Congress and administration to address the looming tax increases.
Additionally, several provisions affecting businesses, including those for pass-through entities, are scheduled to end between 2025 and 2028.
The impending expiration of these cuts is contributing to market declines, with many in Congress voicing opposition to extending Trump’s tax cuts next year, according to Grover Norquist of Americans for Tax Reform, speaking on Newsmax.
“I think one of the dangers that people are looking at is that the tax cut may be delayed; it may get stopped,” Norquist said during Sunday’s “Wake Up America Weekend.” “We’re one bad car accident away from having Democrat control of the House of Representatives, which means a $4 trillion tax increase. That’s a lot of uncertainty.”
{Matzav.com}