Niagara Leader

Congresswoman Claudia Tenney has emphasized the importance of maintaining the tax cuts introduced under the Tax Cuts and Jobs Act (TCJA), also known as the Trump Tax Cuts. In 2017, these cuts were enacted with Tenney's support, aiming to reduce taxes on middle-income families and small businesses. The TCJA reportedly created nearly five million domestic jobs within two years of its implementation.

In 2022, Tenney backed the TCJA Permanency Act to make these tax cuts permanent for individuals and small businesses. However, these cuts are set to expire on December 31, 2025. This expiration could lead to significant tax increases for the 440,200 taxpayers in New York's 24th District. According to projections, the average taxpayer in NY-24 might face a 25% tax hike if the cuts are not extended. A family of four with a median income of $69,878 in NY-24 would see a $1,373 increase in taxes.

Several impacts on NY-24 residents have been highlighted:

- Child Tax Credit would be halved for 78,990 families.

- Standard Deduction would be reduced by nearly 50% for 92% of taxpayers.

- Small businesses would face an effective tax rate of 43.4% if the 199A Qualified Business Income Deduction expires.

- The individual Alternative Minimum Tax would affect 14,827 taxpayers.

- The death tax exemption will be halved, impacting 6,804 family-owned farms.

"Since its passage in 2017, the Tax Cuts and Jobs Act has delivered financially for families, small businesses, and hardworking Americans across the country," said Congresswoman Tenney. "Millions of Americans have seen their tax burdens reduced, but if these cuts expire, hardworking families in our community could face a 25% tax hike. We must preserve the TCJA provisions that have provided much-needed relief to taxpayers in New York. As a strong advocate for pro-growth policies, I will continue working to ensure the benefits of the Trump Tax Cuts remain in place for future generations."