Unless Congress Acts, "Tax Cuts and Jobs Act" Will Sunset

As taxpayers struggle to pay their federal income tax, every American should be aware that President Biden and Congressional Democrats are planning to raise their taxes next year.

The 2017 Tax Cuts and Jobs Act cut individual and business taxes, reducing individual rates across the board and reducing the corporate tax rate from the highest in the world to a more competitive rate. Many of these tax cuts are scheduled to expire at the end of next year, and unless Congress acts, millions of taxpayers will be hit with a significant tax increase.