To Urge The United States Congress To Permanently Extend The Tax Cuts And Jobs Act Of 2017.
The bill emphasizes that the expiration of the tax cuts would not only reverse the economic progress achieved since 2017 but would also lead to a substantial increase in taxes for American families. By pointing out the historical context of the tax cuts facilitating low unemployment rates and increased wages, it asserts that allowing these provisions to lapse would diminish American competitiveness and economic vitality. Additionally, the resolution notes that a rollback would adversely affect the household income levels that have seen significant growth following the tax reform.
HCR1002 is a House Concurrent Resolution that urges the United States Congress to permanently extend the Tax Cuts and Jobs Act of 2017. The resolution presents a case for the economic benefits derived from the tax cuts implemented by this act, highlighting that the tax legislation significantly boosted economic expansion prior to the pandemic and has positively impacted job creation across various sectors. By reducing tax rates and increasing the standard deduction, it argues that the policy has provided financial benefits to more than 100 million American taxpayers, notably benefiting the middle and working-class demographics.
Notably, there are implications tied to the state and local tax (SALT) deduction cap, which would be affected should the bill not be enacted. The resolution warns that removing the existing $10,000 cap would incentivize states to raise taxes, ultimately leading to negative repercussions for taxpayers. Thus, HCR1002 stands as not just a plea for favorable tax policy but also as a caution against potential future economic downturns brought about by federal and state tax increases.