Dear John,
In 2017, President Donald Trump signed into law H.R 1, the historic Tax Cuts and Jobs Act. The legislation lowered taxes across the American economy, triggering capital investments, boosting wages, creating new jobs, and adding trillions in additional revenue to the U.S. Treasury from the economic growth and broader tax base it created. (So why is there an annual deficit adding to the national debt if revenue has increased so much? Because entitlement spending continues to grow exponentially more, additional Defense spending, and the debt service payments are higher. Entitlements, which are propelled by aging demographics and increased health care costs, are the major driver of the debt.)
Now, because of the additional and excessive spending measures passed during the 2 year period of 2021 and 2022 when the Biden-Harris Administration had a unified government in the House and Senate, inflation has skyrocketed, wages can’t keep pace with the cost of living, and credit card debt is at an all-time high. If the Trump Tax Cuts expire, everyone will see smaller paychecks, an unfair tax code that punishes those who work, and a big hit to our economy resulting in less revenue for the U.S. Treasury. Below is data on how North Carolina’s Seventh District would be affected if the Tax Cuts and Jobs Act expires in 2025.
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