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New AAF Website: “Extend The Trump Tax Cuts”
Dear Members and Staff, Today, Advancing American Freedom is launching a new website, ExtendTheTaxCuts.com. This website will serve as a one-stop shop for lawmakers and staff to find compelling fast facts, talking points, memos, and an in-depth report on the success of the 2017 Tax Cuts and Jobs Act (TCJA). As you all know, failure to renew the tax cuts would result in a $4 trillion tax increase on American families. The topline facts include:
• A family of four earning the median U.S. income would face a $1,695 tax increase if TCJA expires. • Between 2017 and 2019, after passage of TCJA, household income rose by $6,160, an increase from $72,090 to $78,250. • 64.8% of Americans received a tax cut under TCJA, including:
o 69.1% of those earning $30,000–$50,000 o 81.7% of those earning $50,000–$75,000 o 86.6% of those earning $75,000–$100,000 • If TCJA expires, over 25 million small businesses will face higher taxes.
o This would likely mean a combination of higher prices for their products and services as well as layoffs. • The corporate tax rate reduction led to the creation of 5.16 million jobs between 2017–
2020, and corporate tax revenue rose by 41%. • Although initially projected to add $1.9 trillion to the deficit over ten years, TCJA generated $2.583 trillion more revenue than anticipated, offsetting those deficit projections. In addition, the following reports and memos are also included on the website:
• REPORT: AAF's Conservative Blueprint to Protect American Taxpayers • MEMO: American Families Won with the 2017 Tax Cuts • MEMO: Flawed CBO Revenue Estimates Should Not Set Terms for TCJA I trust that you will find this website to be a trusted resource for engaging with constituents and the press about the importance of extending the 2017 Tax Cuts and Jobs Act. Sincerely, Tim Chapman President Advancing American Freedom