• Investing
  • Stock
  • Economy
  • Editor’s Pick
Portfolio Performance Today
Economy

Top Republican warns families of ‘largest tax hike in history’ next year if Trump budget fails

by April 16, 2025
by April 16, 2025

The chairman of the largest House GOP caucus is using Tax Day to send a warning about the financial strain American families could face next year if Republicans fail in their plans for a massive conservative policy overhaul.

Republican Study Committee (RSC) Chairman August Pfluger, R-Texas, told Fox News Digital that millions of Americans could see their taxes increase by as much as one-fifth if Congress does not pass a budget reconciliation bill extending President Donald Trump’s 2017 Tax Cuts and Jobs Act (TCJA).

‘If Democrats get their way and let these tax cuts expire, Americans will be crushed by the largest tax hike in history – a 22% increase hitting 40 million families and 26 million small businesses,’ Pfluger said. 

‘It’s time to lock in these historic tax cuts permanently to boost job creation, fuel America’s economic engine, and protect family budgets from the Left’s tax-and-spend agenda.’

The RSC acts as the House GOP’s de facto conservative think tank and has more than 175 members. Pfluger reiterated that the group is ‘fighting to make President Trump’s historic Tax Cuts and Jobs Act permanent, so families can keep more of their hard-earned money instead of sending it to the IRS.’

Rep. Beth Van Duyne, R-Texas, chair of the RSC budget task force, said extending the TCJA and enacting Trump’s other tax policy initiatives would help the U.S. become ‘the most advantageous country in which to invest, relocate, or expand a business’ as well as helping families and businesses domestically.

‘These vital, pro-growth tax reforms will work alongside our efforts to slash federal regulations and bureaucracy to empower economic expansion and financial security for the American people and our job creators,’ she said.

Tax reform is a cornerstone of Republicans’ efforts on reconciliation, a mechanism that allows the party controlling the major levers of government to enact sweeping fiscal and budgetary changes. It does so by lowering the Senate’s threshold for advancing legislation from 60 votes to 51, provided the matters in the bill deal with taxes, spending and the national debt.

In addition to extending the TCJA tax cuts, Trump also wants Republicans to eliminate taxes on tipped and overtime wages, as well as on Social Security benefits for retirees.

House Republicans passed a framework last week to sync up with the Senate on its budget reconciliation bill, which now allows the relevant congressional committees to begin work filling out that framework with policy.

But congressional Republicans have a long road ahead to get a bill passed in both the House and Senate, where their majorities are currently three seats each. The House version calls for at least $1.5 trillion in spending cuts, while the Senate’s baseline is $4 billion – though Republicans there vowed to strive for more.

Extending TCJA alone would decrease federal revenues by $4.5 trillion, according to the Tax Foundation, and House conservatives are leading the charge in demanding steep government funding cuts to offset that.

The RSC steering group, the group’s leadership arm, released an official position earlier this year calling for reconciliation legislation to be deficit-neutral. 

At the same time, however, failing to extend Trump’s tax cuts ahead of the 2026 midterm elections could have politically devastating consequences, while stoking fears of an economic downturn when compounded with the added cost of Trump’s sweeping tariffs.

‘If the tax cuts expire, the median family would lose about $1,000,’ Kimberly Clausing, nonresident senior fellow at the Peterson Institute for International Economics, told Fox News Digital earlier this month, citing a model from the Urban-Brookings Tax Policy Center. 

And if the recently unveiled tariffs continued unabated at the time, ‘that would generate an average per household consumer loss of $3,800,’ she added, pointing to the Yale Budget Lab’s estimate. Trump has since walked back much of his reciprocal tariff policy. 

The House Ways and Means Committee, the House’s tax-writing panel, released a memo late last year with a similar warning to Pfluger’s on a potential tax hike if TCJA is not extended.

‘Congress needs to act swiftly to take this threat of a tax hike off the table and give the American people assurances that the relief they have been demanding has arrived,’ the December memo said.

This post appeared first on FOX NEWS

0 comment
0
FacebookTwitterPinterestEmail

previous post
AOC claims Republicans will ‘trick’ Americans into identity politics, stoking racial divisions
next post
FTSE 100 index forecast as the GBP/USD exchange rate soars

Related Posts

Understanding Medicaid

October 28, 2025

Colonel Harwood’s Legacy: The Engineer Who Built an...

October 28, 2025

Trumponomics Is Pushing Young Voters Into Socialism

October 28, 2025

Trump courts Japan’s emperor and new PM before...

October 28, 2025

Newsom and Harris both position themselves as potential...

October 28, 2025

Virginia, New Jersey governor races could shift government...

October 28, 2025

Hamas says it will hand over another hostage...

October 28, 2025

Federal workers brace for missed paycheck as shutdown...

October 28, 2025

Hamas hands over hostage’s body to Israel as...

October 28, 2025

Shutdown crushes small business owners as losses hit...

October 28, 2025

Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.

By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

Recent Posts

  • Understanding Medicaid

    October 28, 2025
  • Colonel Harwood’s Legacy: The Engineer Who Built an Economic Institution

    October 28, 2025
  • Digi International Announces Digi XBee 3 Global LTE Cat 4 Cellular Modem for IoT Applications

    October 28, 2025
  • Trumponomics Is Pushing Young Voters Into Socialism

    October 28, 2025
  • Banijay to acquire majority stake in Tipico creating a European gaming powerhouse

    October 28, 2025
  • Cathie Wood warns investors to brace for correction, backs this unlikely winner

    October 28, 2025

Editors’ Picks

  • 1

    Meta executives eligible for 200% salary bonus under new pay structure

    February 21, 2025
  • 2

    Pop Mart reports 188% profit surge, plans aggressive global expansion

    March 26, 2025
  • 3

    New FBI leader Kash Patel tapped to run ATF as acting director

    February 23, 2025
  • 4

    Walmart earnings preview: What to expect before Thursday’s opening bell

    February 20, 2025
  • 5

    Cramer reveals a sub-sector of technology that can withstand Trump tariffs

    March 1, 2025
  • 6

    Anthropic’s newly released Claude 3.7 Sonnet can ‘think’ as long as the user wants before giving an answer

    February 25, 2025
  • 7

    Nvidia’s investment in SoundHound wasn’t all that significant after all

    March 1, 2025

Categories

  • Economy (3,033)
  • Editor's Pick (297)
  • Investing (185)
  • Stock (2,064)
  • About us
  • Contact us
  • Privacy Policy
  • Terms & Conditions

Copyright © 2025 Portfolioperformancetoday.com All Rights Reserved.

Portfolio Performance Today
  • Investing
  • Stock
  • Economy
  • Editor’s Pick
Portfolio Performance Today
  • Investing
  • Stock
  • Economy
  • Editor’s Pick
Copyright © 2025 Portfolioperformancetoday.com All Rights Reserved.

Read alsox

Let Americans Buy Cars Online!

July 18, 2025

Will the US Be a Safe Harbor...

July 17, 2025

Kevin Hassett ‘very, very confident’ courts will...

June 2, 2025