President-elect Donald Trump vowed to “deliver the largest tax cuts in the history of our country” as he hailed Sunday as “the 7th Anniversary of the Trump Tax Cuts becoming Law.”
“Today is the 7th Anniversary of the Trump Tax Cuts becoming Law,” Trump wrote in a Sunday morning Truth Social post before he was slated to speak at a salute to Arizona gathering for Turning Point Action, “‘Happy Birthday!’
“Next year, we will deliver the largest Tax Cuts in the History of our Country,” he added.
“MAKE AMERICA GREAT AGAIN!”
Many of the provisions of the Tax Cut and Jobs Act signed by Trump in 2017 are scheduled to expire at the end of next year.
This means that more than $4 trillion in tax increases will take effect Jan. 1, 2026, charging next year’s Congress and administration with the hefty task of grappling with the tax hikes.
Many of the provisions impacting businesses, including pass-through entities, are set to expire between 2025 and 2028.
According to Americans for Tax Reform’s Grover Norquist, the expiration of the cuts has the markets sinking as Congress is speaking out against extending the Trump tax cuts next year.
“I think one of the dangers that people are looking at is that the tax cut may be delayed; it may get stopped,” Norquist said.
“We’re one bad car accident away from having Democrat control of the House of Representatives, which means a $4 trillion tax increase.”
“That’s a lot of uncertainty.”
Earlier this year, Trump suggested abolishing the federal income tax for American families.
During a visit to a barbershop in the Bronx, Trump was asked if there was “a way to eliminate federal taxes.”
Citing the policies of the late 1800s, when income tax funds were replaced by new trade tariffs, the former president hinted the country could go back to a time “when we were a smart country” and “relatively the richest it ever was.”
“It had all tariffs — it didn’t have an income tax,” said Trump.
Now we have income taxes, and we have people that are dying.”
“They’re paying tax, and they don’t have the money to pay the tax,” he added.
Trump saidsaid America was becoming so rich during the 1890s that “we had to set up committees, blue ribbon committees (on) how to spend our wealth—we had no idea how to spend it; there was so much money.”
“Then we went to the income tax system and the rest is sort of history,” said Trump.
