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As the United States continues to rebuild from the coronavirus pandemic, it's crucial that American tax policy ensures a prosperous economy for families and businesses to get back on the road to success. Tax hikes in this precarious economic environment would spell disaster for the very parts of the economy that need relief now.
The 2017 TCJA implemented a number of changes to the individual and business tax code that have helped economic growth in the years since. Any attempts to roll back some of the successful revisions would be disastrous as the economy recovers. Indeed, analysis has found that the TCJA made the tax code more progressive and less complex, and for the first time in decades, the cost of individuals and businesses complying with the massive tax code has fallen.
The TCJA saved filers 100,000 hours and $4 million in out-of-pocket expenses, and reduced the time burden of duplicative reporting requirements by 50 million hours.
Lower rates and increased deductions aided Americans up and down the income scale, and included key provisions that will help businesses large and small hire more workers as the economy gets back on track. Congress needs to focus on making the TCJA provisions that have saved Americans time and money permanent rather than attempting to roll back the real gains that have come via the tax system.
Tax hikes would be a threat to the economic recovery... Congress would be wise to remember that when discussing future tax reform efforts.