Former Vice President Mike Pence’s group Advancing American Freedom (AAF) is sending a memo to congressional offices on Wednesday praising the Trump-era tax cuts, the Daily Caller News Foundation first learned.
AAF is sending the memo, obtained by the DCNF, to every congressional office arguing the 2017 Tax Cuts and Jobs Act (TCJA) grew household income and lowered marginal tax rates. Many of the TCJA’s provisions are set to expire at the end of 2025, while the Senate has yet to take action on a bipartisan tax deal passed by the House earlier this year.
“The 2017 Tax Cuts and Jobs Act provided the greatest tax relief for hard working Americans since the Reagan Administration. Despite doom and gloom projections from the media, the data is clear: American families won,” AAF Chairman Marc Short told the DCNF in a statement. “TCJA delivered more dollars into the pockets of American families than ever before while growing the economy, increasing federal revenues, and delivering a corporate tax rate more competitive with other global developed economies.”
The Republican-controlled House passed the Tax Relief for American Families and Workers Act of 2024 back in January, which was negotiated between GOP House Ways and Means Committee Chairman Jason Smith and Democratic Senate Finance Committee Chairman Ron Wyden.
Individual tax rates are set to increase anywhere from 1% to 4% depending on income level in 2025 if the TCJA expires, according to the memo, which cites data from the Internal Revenue Service (IRS). (RELATED: Businesses Barrel Headfirst Into A Tax Mountain As Trump-Era Cuts Taper Off)
Household income increased by 8.5% during the first two years of the TCJA’s enactment, but declined by 2.5% between 2020 and 2022, according to the memo.
AAF Benefits of Tax Reform by Daily Caller News Foundation
The memo emphasizes that the TCJA has increased tax revenue to levels higher than the Congressional Budget Office (CBO) predicted because reduced rates have yielded “more economic activity.” Annual tax revenue increased by $1.1 trillion from 2018 to 2023 — a 33% bump.
“Today, annual tax revenue has never been higher, but President Biden and Congress have continued to increase deficits by spending taxpayer dollars without restraint,” Short added. “Now, President Biden has promised a $3.3 trillion tax increase by allowing TCJA to expire and raising the corporate rate which will again send American jobs overseas.”
The TCJA also resulted in corporations paying 41% more in taxes, according to the memo, which notes that “progressives argue that we need to increase taxes for corporations to ‘pay their fair share.'”
The Tax Relief for American Families and Workers Act of 2024 would reform and expand the child tax credit until 2025. While the legislation passed the lower chamber with bipartisan support, it has since stalled in the Senate.
Politico reported on Monday that Oregon Democratic Sen. Ron Wyden is aiming to attach the package as an amendment to the Federal Aviation Administration (FAA) reauthorization measure that could be considered this week.
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