As April 15 approaches it is either time to get your taxes done or file those extensions. It is also a good time to remind voters that the Trump tax cuts will expire in Dec 2025. For the average American, that means an increase of 3%. Families will also see the child tax credit, which was doubled to $2,000 under the TCJA, revert to $1,000 per child. The expanded $3,600 (under 5) and $3,000 child tax credit also ends.
The only reason Trump was able to get the tax cuts passed was because he had a Republican majority in the House and Senate. Even if Trump wins this year we better pray Republicans get the House and Senate. Regardless of how dysfunctional the Republican House is the likelihood of them voting against tax cuts is slim to none.
Add to the potential tax increase the 19.6% consumer price inflation we’ve had over the past 3.5 years. Here is a handy inflation calculator from Nerd Wallet. That’s why I keep saying the only people who are going to vote for Biden are those who have plenty of disposable cash. The last time Dems lowered taxes was when Johnson was President and signed into law the Kennedy tax cuts.
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