The Economy is Expected to Suffer When Trump Tax Cuts Expire.

The Tax Cuts and Jobs Act of 2017, which President Joe Biden has promised to let expire next year, will have a significant impact on the personal budgets of Maryland and the entire United States taxpaying public. If the act is allowed to expire, the average Maryland taxpayer could see a reduction in spendable income of $2,026. Contrary to what the media may suggest, the benefits of the act were not limited to the wealthy, as tax rates were reduced and tax brackets were widened, benefiting all taxpayers. Without congressional action, tax rates, brackets, and other benefits included in the act will be restored to their previous levels.

The expiration of the Tax Cuts and Jobs Act will also likely result in more complicated tax filings, as the act included measures to simplify the tax system. Additionally, the expiration of the act could have a negative impact on future job growth. These factors highlight the need for Maryland residents and all taxpayers to reconsider their future personal budgets in light of the potential changes that may come if the act expires.

As the November election approaches, it is important for individuals to consider the potential implications of the expiration of the Tax Cuts and Jobs Act. With rising inflation and economic uncertainty, it is crucial for taxpayers to stay informed and be prepared for any changes that may affect their financial well-being.