Former President Donald Trump vowed to “make the Trump tax cuts permanent” during a speech at Turning Point Action’s “People’s Convention” on Saturday.
his speech Speaking at the party’s convention in Detroit, Michigan, the former president added that if elected in November, his administration would “further cut taxes on working families and small businesses.”
“We’re going to make the Trump tax cuts permanent and provide even more tax relief for working families and small businesses,” Trump told the crowd in closing.
President Trump in Michigan: “I will make the Trump tax cuts permanent and provide further tax cuts for working families and small businesses” pic.twitter.com/rsN535vLDr
— MAGA War Room (@MAGAIncWarRoom) June 15, 2024
Trump’s promise to make the tax cuts permanent comes as many provisions of the Tax Cuts and Jobs Act of 2017 (TCJA), passed under his administration, are set to expire at the end of 2025.
Under the Tax Cuts and Jobs Act, middle-class families and small businesses received huge tax cuts, the Obamacare individual mandate was repealed, tax rates were lowered from 35% to 21%, and the Arctic National Wildlife Refuge was opened to oil drilling, among other things.
a report A Tax Foundation report found that 1.4 million jobs will be added to the U.S. economy by 2025 as a result of the TCJA.
Rep. Jason Smith (R-Mo.), chairman of the House Rules Committee, said: report Under the TCJA, wages increased 4.9% in 2018 and 2019, with low-income workers’ wages increasing by 50% in both years, according to the report.
