Don’t Want Higher Taxes? Don’t Let the TCJA Expire

In a country that may feel increasingly divided, there is still at least one issue we all can stand behind together: Washington shouldn’t be raising anyone’s taxes. Keeping more of the money you work hard for is key to preserving the American Dream, especially for Hispanic families in Pennsylvania.

The 2017 Tax Cuts and Jobs Act (TCJA) provided tax cuts that increased the standard deduction for families, lowered the tax burden on small businesses, and put more money back in the hands of Pennsylvanians. With 1 in 4 new businesses being Latino-owned and Latinos contributing $53.2 billion in economic growth to Pennsylvania, the TCJA was vital to many Hispanic families in the commonwealth. With the TCJA in effect, we saw the lowest overall unemployment rate as a whole in 50 years with the Hispanic unemployment rate reaching historic lows too.

But the TCJA tax cuts are set to expire at the end of this year. We are in for a whirlwind of economic hurt if that happens. If those tax cuts expire, Americans can expect a massive raise in their tax bills, lost jobs, and slowed economic growth. While we still reel from the destructive power of Bidenomics and record inflation, a giant tax hike is the last thing Pennsylvania needs.

Without the TCJA tax cuts, the average Pennsylvania family will see their taxes increase by over $2,300. That’s on top of the more than $28,000 of extra spending the average family is paying due to inflation since January 2021.

How are Pennsylvania families, who are already struggling to pay our rent, fill our gas tanks, and keep food on the table supposed to work with thousands less in our take home pay?

Orginally posted in WestWord  RealClear Pennsylvania