WASHINGTON, D.C. – Over the next 10 years, small businesses will increase GDP by $75 billion each year because of the 20 percent small business deduction, and then rise to $150 billion every year after, according to a study released by the National Federation of Independent Businesses. | waysandmeans.house.gov
WASHINGTON, DC – Permanently extending the 20 percent deduction for 26 million American small businesses from the 2017 Trump tax cuts will supercharge Main Street’s job creation engine – leading to an estimated 1 million new jobs every year over the next decade and an additional 2 million jobs in the years that follow, according to a study conducted on behalf of the National Federation of Independent Business.| Ways and Means
WASHINGTON, D.C. – Extending the Trump tax cuts will unleash $284 billion in economic growth from manufacturing alone, according to a new study by the National Association of Manufacturers.| Ways and Means
WASHINGTON, D.C. – Not only did the 2017 Trump tax cuts lower the tax burden on workers, families, farmers, and small businesses, it also simplified the U.S. tax code for millions of Americans, while sharpening America’s competitive advantage. If Congress allows the Trump tax cuts to expire, over 7 million taxpayers – especially small business owners – would be hurt by the return of the alternative minimum tax (AMT).| Ways and Means
WASHINGTON, D.C. – Any unnecessary delay in extending the 2017 Trump tax cuts heightens the risk that all Americans will see their taxes go up – including for the 91 percent of Americans who utilize the guaranteed deduction to lower and simplify their tax bill. Under the Trump tax cuts, Republicans doubled this tax deduction – making that option more attractive for more Americans to utilize in lowering the amount they owe to the IRS and making tax filing faster and less complicated.| Ways and Means
WASHINGTON, D.C. – For the past four years, working families have been paying an inflation tax of over 20 percent thanks to the Washington Democrats’ trillions of dollars spending spree. If the 2017 Trump tax cuts are not extended, those same families will see another massive tax increase. In fact, the average American taxpayer will see a 22 percent increase in their tax burden. For a family of four making just over 80,000, that’s an additional $1,695 that will be taken out of their p...| Ways and Means
Protecting Families From Tax Hikes Must Be An Immediate Priority of Next Congress| Ways and Means
Two million family farmers would see their Death Tax exemption slashed in half.| Ways and Means
WASHINGTON, D.C. – Small businesses drive America’s economy, generating jobs and economic growth in communities big and small all across the country. The 2017 Trump tax cuts invested in this engine of economic growth by providing a 20 percent small business tax deduction – otherwise known as Section 199A – which helped ensure shops lining Main Streets across the nation could compete with larger companies and empowered job creators by giving them the resources to invest in their busin...| Ways and Means