Without congressional action, almost everyone in America faces a 22% tax hike in January, including 26 million small businesses whose tax rate will more than double to 43.4 percent
WASHINGTON D.C. – Today, the American Free Enterprise Chamber of Commerce (AmFree Chamber) issued the following statement urging swift action by Congress extending the 2017 Tax Cuts and Jobs Act signed by President Donald Trump during his first term in office:
“As millions of Americans race to beat the April 15 tax filing deadline, the clock is ticking ever closer to a sweeping tax hike that will impact millions of individuals and small business owners,” said Gentry Collins, CEO of the AmFree Chamber. “Unless Congress acts, the 2017 Trump tax cuts will disappear at the end of the year, saddling the average taxpayer with a 22% tax hike. Business owners need certainty and stability, and getting these tax cuts done now will be a shot in the arm for families, entrepreneurs and individuals alike.”
If the Section 199A tax deduction, which provides a 20 percent small business tax deduction, expires, 26 million job creators will see their top tax rate double to 43.4 percent.
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