GOP Plan to Extend 2017 Tax Cuts and Jobs Act Permanently

Preventing Tax Hikes

• ⚠️ A typical family faces a $1,700 tax hike next year if Congress fails to act, with South Dakota families facing an even larger increase.
• 🎯 Republicans are determined to prevent this tax hike by extending the 2017 Tax Cuts and Jobs Act.

Key Provisions of the Extended Tax Act

• 💡 The proposed bill will make the 2017 tax cuts permanent, not just extend them, and in some cases, improve upon them.
• 👨‍👩‍👧‍👦 The child tax credit will be increased to $2,200 per child and permanently linked to inflation.
• 💸 Taxes on tips and overtime pay will be suspended, increasing the take-home pay for millions of workers.
• 👵 An increased standard deduction for seniors will further reduce their tax burden.

Economic Growth and Business Benefits

• 📈 The 2017 tax relief legislation is credited with boosting the economy by lowering tax rates for job creators, including small and medium-sized businesses, farms, and ranches.
• 💼 Reforms made it easier for businesses to recover the cost of investing, leading to increased business investment, real wage growth, falling unemployment, and a lower poverty rate.
• 🏭 The new bill will make pro-growth policies permanent, including lower rates for small and medium-sized businesses, the 199A small business deduction, and full expensing for new equipment, R&D, and factory improvements.

Future Investments and Economic Projections

• 🏡 The bill introduces new investment accounts for young adults to use for education, starting a business, or buying a home.
• 💰 The death tax threshold will be raised to $15 million and linked to inflation, sparing family farms, ranches, and small businesses.
• 📊 Economic forecasts predict as much as a 4.9% higher GDP, more jobs, bigger paychecks (up to $10,000 annually for a typical family), and potentially $6 trillion in deficit reduction through economic growth.