OPELIKA – Whether multiple tax cuts and deductions passed in 2017 are extended next year will depend on which party wins the 2024 presidential election, according to U.S. Rep. Mike Rogers (R-Saks).
The Tax Cuts and Jobs Act of 2017 includes temporary provisions lowering burdens for most taxpayers, such as small business tax deductions, lower individual income tax rates, and a larger standard deduction. However, if Congress doesn’t pass an extension of the law, it will expire at the end of 2025.
Rogers told attendees of an Alabama League of Municipalities congressional luncheon in Opelika on Tuesday, “I do think that the tax structure that we currently have is going to be retained next year if, in fact, Trump wins in November.”
“He’s already made it a pledge. If Harris wins in November, she’s going to be more interested in expanding the revenues through tax policy. The Tax Cuts and Jobs Act that we passed nine years ago expires next year. So, if we do nothing, taxes are going up on everybody right off the bat just because we haven’t continued them,” he added. “What the Trump team has said is that he intends to renew that. What (House Republicans) have said is we want to work to extend and hopefully expand the tax cuts but, at a minimum, extend them into the future. It’s just a philosophical difference. The other party believes that we should be raising taxes on certain categories. Particularly, they look at corporations as targets. The fact is corporations are owned by us. Most of us have 401ks or retirement plans, and that’s where the money is invested, so they’re not raising taxes on some benign figure out there. If you raise taxes on a corporation whether it’s Apple or whoever, that’s the shareholders. Most of us are shareholders whether we know it or not.”
Rogers continued, “It goes back to what I think is going to be the driving issue in this election. It's whether or not you want to see taxes go up and an expansion of government reach or not. I think that’s going to have an effect on all of our lives.”
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