Trump’s Promise To Americans
On Sunday, President-elect Donald Trump took to Truth Social to commemorate the 7th anniversary of the landmark Trump Tax Cuts becoming law, a pivotal moment in his administration. Trump declared that by this time next year, he intends to deliver “the largest tax cuts in the history of our country,” reflecting his continued commitment to tax relief and economic growth.
“Today marks the 7th Anniversary of the Trump Tax Cuts becoming law,” Trump wrote. “Happy Birthday!” He went on to promise that next year, under his leadership, America would see even more significant tax cuts, reiterating his “Make America Great Again” slogan.
The Tax Cuts and Jobs Act, signed into law in 2017, has been one of Trump’s most enduring legislative achievements, stimulating economic growth, creating jobs, and giving businesses the breathing room they needed to thrive. However, much of the law’s provisions are set to expire by the end of 2025, which could lead to over $4 trillion in tax hikes starting January 1, 2026. This looming fiscal challenge will fall squarely on the shoulders of the next Congress and administration, making tax reform a central issue heading into the 2024 election.
Compounding this concern, many of the provisions affecting businesses, especially small businesses and pass-through entities, are set to expire between 2025 and 2028. As a result, the markets are already reacting to the uncertainty surrounding the future of the tax cuts.
Grover Norquist, president of Americans for Tax Reform, voiced his concerns about the possibility of tax cuts being delayed or rolled back. He warned on Newsmax that if Democrats regain control of the House, it could trigger a massive $4 trillion tax increase, causing severe economic uncertainty. The stakes are high, and with the expiration of these tax cuts fast approaching, the next Congress and President must act decisively to avoid these detrimental hikes.
For conservatives, Trump’s vision of cutting taxes even further is crucial to ensuring that America’s economy continues to thrive and that hardworking Americans are not burdened by sky-high tax rates. The fight for tax relief is far from over, and Trump’s unwavering commitment to this cause remains a cornerstone of his agenda.