Washington, D.C. — As Vice President Harris continues to promise tax hikes for American families, workers, farmers, and small businesses, Ways and Means Tax Teams have heard repeatedly across the country that the Trump Tax Cuts cannot be allowed to expire – and now Chairman Jason Smith (MO-08) is releasing fact sheets with the key information Americans and their elected officials in Congress need to know regarding how devastating these increases will be for families in their state.
Ways and Means Chairman Jason Smith (MO-08) released the following fact sheet with this statement:
“Families, small businesses, and farmers during more than 120 Tax Teams events in 20 states have made clear that they cannot afford a tax increase next year, which is what they’ll get if the Biden-Harris Administration carries out their agenda. Congressional Republicans are preparing to instead build on the success of the Trump Tax Cuts to not only prevent the Democrats’ planned $7 trillion tax increase, but also deliver real relief to workers, families, and businesses. The information provided in these documents shows exactly how devastating the expiration of this tax relief will be for families claiming the child tax credit, small businesses utilizing the 20 percent small business deduction, family farmers trying to pass the farming way of life from one generation to the next, and average families just trying to get by.”
Tax Hikes Looming for American Families and Workers on December 31, 2025:
- The United States is home to 207 million total taxpayers.
- The average taxpayer would see a 22 percent tax hike if the Trump Tax Cuts expire.
- A family of four making $80,610, the median income in the United States, would see a $1,695 tax increase if the Trump Tax Cuts expire.
- This is worth about nine weeks of groceries to a typical family of four.
Impact on American Families and Workers by the Numbers:
- 40 million families would see their household’s Child Tax Credit cut in half.
- 90 percent of all taxpayers would see their Guaranteed Deduction slashed in half.
- 26 million small businesses would be hit with a 43.4 percent tax rate if the 199A Small Business Deduction expires.
- 7 million taxpayers would be impacted by the return of the Alternative Minimum Tax.
- 2 million family-owned farms would have their Death Tax Exemption slashed in half next year.
Ways and Means Tax Teams have traveled across the country – 20 states, 120 events – and at every stop, workers, families, and small businesses have warned about the dire consequences they would face if the Biden-Harris Administration moved forward with its plan to let the Trump Tax Cuts expire.
The following one-pagers show the impact for families and workers in every state.
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- Florida
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- Washington
- West Virginia
- Wisconsin
- Wyoming
Reprinted with Permission from The United States House Committee on Ways & Means – By Chairman Jason Smith
The opinions expressed by columnists are their own and do not necessarily represent the views of AMAC or AMAC Action.
Although all taxes will increase, the most damaging and potentially bankrupting tax proposed by harris/walz is the tax on unrealized capital gains. These candidates love to smile and say how they’ll help small businesses and families achieve their American dream, but when we know how they plan to do this, we realize it will cause another Great Recession or a depression. Her supporters are being led by the nose to the slaughter simply because they don’t ask questions.
What they want to do, according to socialist principles, is to take much more money from wage earners, small businesses, and corporations, and give it to black businesses, first time homeowners, students, young families, and the tens of millions of illegal immigrants. That great whooshing sound you hear is the sound of traditional values being vacuum sucked from the American countryside.
What will we need to do–hire appraisers to value our homes, our investment portfolios, our jewelry and artwork, and anything else that has increased in value? Harris wants to tax you at 25% each year for any increased value of your property, even though it has not been sold! Where in the world did she come up with this plan to transfer massive wealth to her government?
This tax on unrealized capital gains will take our net worth away from us, one year at a time until it’s gone. Poof! WE MUST NOT LET THAT HAPPEN. If you are still thinking your vote doesn’t count, you won’t have many assets left to count if you don’t vote for Trump/Vance.
MAGA.
I have been stating this fact about the end of Trump’s tax cuts in 2025 for the last month. The Democrats have already been stating that they WILL NOT support the tax cut when it expires at the end of 2025 – HIGHER TAXES WILL COME IF THE DEMOS WIN THE CONGRESS>
Since double digit inflation wasn’t enough, let’s add more burden to the American people by way of more taxes. Of course, even the increases have to be adjusted for inflation. Politicians will go unscathed because tax laws are never crafted for themselves.
Government needs to exercise austerity immediately while taxes need to be reduced to a level that doesn’t penalize taxpayers any more than they already are. How is it that we take in record tax receipts but keep falling further into debt? Simply stated: government spends waayyy too much!
The bottom line is, if comrade Kamala takes the White House, taxes and inflation will hit us from all angles and we’ll be FUBAR. I’ll have to decide to either work until I push up daisies, or retire early, sell off stock, and try to outlive my retirement savings.
She could tax us at 80% and it still would not be enough to cover her insanities. The woman is ignorant of the facts of life that you can’t spend what you don’t have. Unless she insists everyone including the clamoring celebrities shares and lives at exactly the same level a true communism .Everyone is equal no one has a pinch more than the next person. Not even Hilary or Bill Gates. I would love to see the shock on their faces should that be suggested, but that would be the true equality in practice not just blather. They insist on enforcing insanities on us but exempt themselves from them .Hypocrisy is not the word for it. Black hearted evil. We’ll see if voter opened his eyes.
Jason Crow (D), 6th District CO, is “allegedly” my congressman. I say “allegedly” because I have repeatedly reached out to his office expressing these facts. My husband is retired but I still work. We make NOW WHERE near the “$400K and higher” income that the Dems keep saying are the group they are targeting for tax hikes. I even presented #s showing how the 2017 tax cuts benefitted us. What I received back in replies was essentially “it must be a figment of my imagination” that the 2017 tax cuts benefitted us. I guess his response shouldn’t surprise me. Afterall, CO’s Dem governor Polis is on record saying stories about illegal alien crime and illegal aliens taking over apartment complexes is overblown and a figment of everyone’s imagination.
ONLY IF Harris wins
This information would have been helpful prior to today. It may have influenced many votes in Trump direction.
We will be taxed to death to pay for the war in the Ukraine and the housing, educating and provide healthcare for the millions of invaders that have come in and will continue to come in under Harris Walz. She has no plans and no example to copy like she did in the campaign. Trump did this, so did she. Only she couldn’t explain her economic plan. Go see my website there are 80 pages to read about it. We want to hear it from her. Never happened. She was a no comment candidate that wouldn’t take responsibility for the past 4 years as VP. Let alone about the page she turned to the future. Only it was a blank page. I am confident the people saw the democrats for what they truly are. And saw Trump as a person that wants to save America and its people from the jaws of communism and give the power back to the people. Save our constitution for that is what is at stake in this election. And love has to win over hate. It just has to.
Unless Republicans learn to live within our means and balance budgets, the deficit WILL grow exponentially, thus further delaying our return to SANITY as a Country. We have a few years in which to correct our deficit spending, and then Social Security payments will need to be dramatically reduced. It seems obvious, but the Gub’ment’s cut taken out of our paychecks will need to be increased. Good luck on getting the do-nothing Congresses to act. Unless and until we do that, taxes will need to be increased.
Taxes will be low now. Can the GOP dominated government balance the budget or is it going to be excuses? If they fail they have no one but themselves to blame.
Taxes will be low now. Can the GOP dominated government balance the budget or is it going to be excuses?
It just blows me away that the election is this close. So you mean to tell me people want to live like this? Everything already costs more than it should. Things are just gonna get worse and these dumbasses are voting for her.
I’d heartily agree much like Calvin Coolidge who cut taxes and spending. That’s what we need, also let’s get rid of some departments such education, how about cleaning up the waste and fraud. Review all existing laws on the books, an audit of all social programs should be done as well. Our government needs to be smaller not bigger. I use to not believe in term limits but I do now: congressman 3(2yr) terms
Senators 2(6yr) only
Congress (Legislative Branch) should be the one that passes bills on taxes & not the POTUS (Executive Branch). Why does any POTUS have the power to control the IRS and taxes? And do not get me started on Executive Orders by the POTUS, as that is just an end run around Congress.
Tax cuts are nice, but it is time that the people in Washington start getting serious about our National Debt that is +$35 Trillion & growing. We need to cut spending & it does not make good sense to have tax cuts that are paid with borrowed money. The last balanced budget was during Clinton administration (who was a Democrat by the wway:.
We are screwed!!! They are going to tax every average American into the poor house. The only good thing about it is all of those IDIOT high earner Democrats are going to see there rates go up and there deductions disappear. So there life styles will be impacted and they will b gin to feel the pain that the rest of us have felt for the last 4 years.They have a lot further to fall down the economic scale than the majority of us .I am going to laugh my hinny off when they lose there jobs, houses, fancy cars and are unable to afford all the BS they have been enslaving themselves to.LOL,,???????????? What goes around comes around. Now they can reap the rewards of there stupidity.
The $2 trillion deficit must be slashed by spending cuts and tax increases.