Tax season shock: You could owe thousands more next year

Tax season is (unfortunately) here. And as stressed as you may feel after spending hours filing your taxes, it might not compare to how angry you’ll be at sending your hard-earned money straight to the government.

But tax season could soon become even more painful. That’s because the 2017 Trump tax cuts are set to expire at the end of the year. If Congress doesn’t act, 6 in 10 Americans will deal with the biggest tax increase in modern history.

Like all Americans, Latinos have endured years of high inflation and economic instability. The last thing you and your family need is for Congress to allow a massive tax hike that takes hundreds or thousands of dollars from you.

But the expiration of the Trump tax cuts isn’t only about money. Here’s how it would make tax season worse for millions of Americans — and what The LIBRE Initiative is doing to keep the tax cuts alive.

What happens to your taxes if Trump tax cuts expire?

You pay more, your family pays more. Everyone pays more taxes.

If Congress fails to extend the Trump tax cuts, we’ll go back to the 2017 tax rates — hitting millions of Americans with a big financial shock. Here’s what’s at risk:

• 60% of Americans will see their taxes increase, with the average family paying $1,500 more per year to Washington — money that could have gone toward groceries, health care, or savings.
• States with big Latino populations will face crushing tax hikes.
  • In California, the average family will pay $3,630 more in taxes every year
  • In Florida, families will pay $3,505 more in taxes per year
  • In Georgia, the average household will pay $2,580 more to Washington a year
  • In Texas, families will have to send $2,870 more to the IRS

At a time when we’re still struggling with the high prices and sluggish economy of the last few years, you (not Washington politicians) are the ones who need extra cash.

Filing taxes will become an even bigger headache.

Filing taxes isn’t just expensive — it’s stressful, time-consuming, and unnecessarily complicated.

The Trump tax cuts made the process easier by doubling the standard deduction, allowing most Americans to file without itemizing. Before the tax cuts, nearly 30% of taxpayers itemized their deductions — today, that number is less than 10%, saving millions of Americans valuable time and paperwork.

But if the Trump tax cuts get nixed and the standard deduction is reduced, you better prepare to spend a lot more time looking through piles of receipts next tax season.

How these reforms affect everyday Americans

The Trump tax cuts not only made tax season easier but also fueled one of the strongest economies in American history.

The tax cuts helped Americans thrive before the pandemic and Biden’s disastrous economic policies derailed the economy. Following the 2017 passage of the Trump tax cuts, Americans saw:

• Record-low unemployment rates, including an all-time low of 3.9% for Latinos in 2019.
• Higher wages, with the median Hispanic household income jumping by more than $5,000 in just two years.
• Income, investment, and gross domestic product grew beyond the pre-tax cuts forecasts.

The tax cuts weren’t a giveaway to the megarich. Quite the opposite: They gave millions of middle-class Americans their hard-earned money back — trusting them (not Washington) to move the economy forward.

The result? A record-breaking economy in which millions of Americans benefitted. Now, those tax cuts are on the chopping block.

How you can fight to protect your money from Washington

Tax season is tough, and there’s no reason for Washington to make it worse. Extending the Trump tax cuts will keep taxes low, support economic growth, and simplify the system for families and businesses.

Here’s what you can do to keep the Trump tax cuts alive:

• Urge Congress to take action: Sign this letter and tell your lawmakers to support legislation extending the 2017 tax cuts.
• Spread the word: Tell your friends and family about the threat of a looming tax hike and how it could cost them thousands of dollars.
• Join us: Get involved with LIBRE and be part of the largest movement in the country dedicated to economic freedom.