Over 500 trade associations issued a collective warning yesterday urging the upcoming Congress and administration to steer clear of imposing what they describe as the largest tax increase in American history. The potential tax increase could occur if the 2017 Tax Cuts and Jobs Act (TCJA) from the Trump administration is allowed to expire at the end of 2025, according to the letter from the groups. The coalition, which includes the Maryland Chamber of Commerce, stressed that allowing these provisions to lapse would slash economic growth, inflate family expenses, hurt small businesses, reduce workers’ take-home pay and lead to widespread job losses.
On taxes: Recent polling from the U.S. Chamber of Commerce shows a majority (roughly 80 percent) of voters are concerned that increasing taxes would result in higher prices and 93 percent believe American families and businesses are already paying enough in taxes.
