Eva-katalin | E+ | Getty ImagesIt is common folklore, a fairy tale of sorts, that middle-class Americans received perpetual relief in the Tax Cuts and Jobs Act of 2017.
First, property taxes generate 32% of state and local income, and U.S. median single-family home property taxes have risen by more than 25% since 2019.
Congress will be motivated to etch all the tax cuts in stone, but it would only add fuel to the debt bonfire.
watch nowThere is also the qualified business income deduction that offers a 20% tax break for small businesses provided they are below certain income thresholds.
All of this is in addition to crippling cost-of-living challenges from excessive government spending, the well our Treasury would have to revisit to make these tax cuts permanent.
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