Press Releases

WASHINGTON — Speaker Johnson released an op-ed on Tax Day warning of the disastrous consequences if Congress does not extend the tax cuts passed in 2017 under the Tax Cuts and Jobs Act.

Read the op-ed here or below:

This Tax Day, remember: if Democrats in Congress have their way, Americans will see the largest middle-class tax hike in history come next year.

That’s because the Trump tax cuts Republicans passed in 2017 are set to expire this December. Unless Congress intervenes, the average American will see a 22% increase in their taxes. For the average family of four, that means a $1,700 hike, and a Child Tax Credit that’s slashed in half for 40 million households.

The big picture for the American economy would be just as bad. Over 26 million businesses would see their federal tax rate jump to 43%, and we’d lose nearly six million jobs and $1 trillion in GDP. By every metric, allowing the Trump tax cuts to expire would be devastating for our nation and its economy.

Thankfully, last week, House Republicans took a critical step to ensure this doesn’t happen. The budget resolution we passed lays the groundwork to extend the 2017 tax cuts and rein in wasteful spending so Americans can keep more of their hard-earned money.

Right on cue, all the Left’s familiar voices trotted out the same tired talking point: “it’s just a tax break for the rich.” Of course, those voices are lying. In the aftermath of the 2017 tax cuts, middle-class families actually came out ahead. Even the left-leaning Tax Policy Center found that over 90% of middle-income earners enjoyed a tax decrease – and an economy with much greater opportunity. There were millions of new jobs, revenues were spiking, and incomes were rising in every metro area across the country for the first time in three decades. In just two years, median household incomes jumped by $5,000 – more than in the previous eight years combined.

Americans experienced the greatest economy under President Trump because we followed a simple formula for success: we produced energy at home, cut regulations, reduced the size and scope of government, and cut taxes for working families and businesses.

After four years of Bidenomics failing the American people, our country needs a new direction. Congressional Republicans are working closely with the Trump Administration to bring back the growth and prosperity everyone remembers. That starts with keeping taxes low for American families and the businesses that power our economy.

Our best days are still ahead of us.

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