Massive Tax Hikes Coming Without GOP Sweep in 2024 Elections

The tax cuts enacted with the Tax Cuts and Jobs Act (TCJA) are set expire year-end 2025, which will trigger income taxes hikes across the board in 2026.

by Steve Dewey
August 20, 2024

The Tax Cuts and Jobs Act (TCJA) signed into law by President Donald Trump on Dec. 22, 2017, provided across-the-board income tax cuts for all income levels as well as significant tax relief for American taxpayers.  However, most of the tax relief expires on Dec. 31, 2025, which will result in significant tax hikes for most Americans in 2026.

Republican presidential candidate Donald Trump and Republicans in Congress are calling for new legislation in 2025 to make the TCJA tax cuts permanent. But this will only be possible with three election results this November: (1) Trump wins the presidency; (2) Republicans gain majority control of the Senate; and (3) Republicans maintain majority control of the House of Representatives. Failure to achieve a victory sweep for the presidency and both houses of Congress would be devastating for Americans’ pocketbooks, given Democrat animus towards extending the TCJA tax cuts. (READ MORE: Don’t Regulate Data Centers Out of …