President-elect Trump and the incoming Republican Congress already have a big agenda set for them this year, as the 2017 Trump taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. cuts are on track to expire. A full extension of the law would come with a multi-trillion-dollar price tag, worsening our already unsustainable fiscal crisis. But letting the law lapse would result in an immediate tax hike on 62 percent of taxpayers starting January 1, 2026.
You can see the debate already unfolding between lawmakers. Members are discussing their priorities for Section 199A, SALT, GILTI, CTC, reconciliation baseline requirements, over-the-line deductions, AMTs . . . If that sounds confusing, it’s because it is. And if you find our tax code to be overly complex, you’re not alone.
According to a new poll from the Tax Foundation and Public Policy Polling, more than half of taxpayers lack basic tax literacy, regardless of educational attainment, income level, or political affiliation.
This is a preview of our full op-ed originally published in The Detroit News.
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