Simplified taxes are at risk — here’s what to do ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
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Hi John,
Did you know the 2017 Trump tax cuts made filing your taxes easier?
Here’s the truth: We’re on the verge of losing some of the most impactful tax
reforms in recent history. The 2017 Trump tax cuts simplified your taxes and
saved millions of Americans time and money.
But if they’re not extended by the end of this year, things will change — for
the worse.
Here’s what the Tax Cuts and Jobs Act simplified and what’s at risk if it
expires:
* Doubling the standard deduction: Nearly doubled from $6,500 to $12,000 for
individuals and $13,000 to $24,000 for joint filers before increasing every
year based on inflation. This reduced the percentage of taxpayers itemizing
deductions from nearly 30% to just 10%. Apart from saving money, it made filing
dramatically simpler.
* Reducing complex deductions: The TCJA eliminated unnecessary deductions,
like tax prep fees and safe deposit box expenses. This cut out excessive
recordkeeping and reduced the size of IRS forms.
* Reforming the alternative minimum tax: The TCJA freed millions from the
burdens of calculating taxes twice under the AMT. By 2018, the number of
households affected dropped from 5 million to 200,000 — a game-changing
reduction.
If these provisions aren’t extended, outdated tax laws will return, doubling
down on paperwork and adding strain to your pocketbook.
That said, filing taxes is still far from easy.
Did you know that in 2023 alone, Americans spent 6.5 billion hours trying to
comply with IRS codes?
Imagine the family dinners, date nights, or projects you could have worked on
instead. And beyond that time, the financial cost of compliance ballooned to
$414 billion.
If we don’t act, this will only get worse next year. Do you have more time and
money to waste?
Here’s how you can take action today.
With AFP, you can join the fight for a system that works for you — not against
you. Don’t wait until it’s too late.
Act now. Sign the letter and protect your simplified tax benefits. Tell your
lawmakers that you want to extend the TCJA. It takes two minutes, and we’ll
show you how.
Contact your lawmakers
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Want to explore more about how the TCJA makes filing easier, saves your
wallet, and affects your daily life?
Read our blog here
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Thank you for standing with us to protect smarter, fairer taxes.
Best regards,
Chase Downham
Chief Operating Officer
Americans for Prosperity
Americans for Prosperity
4201 Wilson Blvd, Suite 1000
Arlington, VA 22203
This email was sent to:
[email protected]
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