Former President Donald Trump vowed to “make the Trump tax cuts permanent” during a speech at Turning Point Action’s “People’s Convention” on Saturday.
During his speech at the convention in Detroit, Michigan, the former president added that if elected president in November, his administration would also “cut taxes even more for working families and small businesses.”
“We will make the Trump tax cuts permanent and cut taxes even more for working families and small businesses,” Trump told the crowd at the end.
Trump’s promise to make the Trump tax cuts permanent comes as many of the provisions of the 2017 Tax Cuts and Jobs Act (TCJA) passed under the Trump administration, are set to expire at the end of 2025.
Under the Tax Cuts and Jobs Act, middle-class families and small businesses received major tax cuts, and Obamacare’s individual mandate was repealed. The legislation also included cutting the tax rate from 35 percent to 21 percent and opening the Arctic Wildlife Refuse up to oil drilling, among other things.
A report from the Tax Foundation revealed that as a result of the TCJA, 1.4 million jobs would be added to the United States economy by 2025.
Way and Means Committee Chairman Rep. Jason Smith (R-MO) released a report that found that under the TCJA, wages had gone up by 4.9 percent in 2018 and 2019 and that workers in a lower income bracket had experienced a 50 percent increase in their wages.