The following is an Op-Ed written by Oklahoma Congressman Kevin Hern:
Most Americans have not heard a single word about the most important thing happening in Washington, DC, this year.
While many are familiar with President Trump’s 2017 Tax Cuts and Jobs Act (TCJA), few know that some of the most important tax cuts in that bill are set to expire at the end of 2025. Some of the provisions have already expired.
This means that whoever wins this election – both in Congress and in the White House – will control what happens to the tax code next. That sentence should both scare and motivate you.
Over the past few months, I’ve met with leaders around the state to discuss the urgent need to renew the TCJA. It’s no secret that those cuts have benefited millions of Americans by lowering income taxes and slashing the corporate tax rate from 35% to 21%.
When I talk to most people about corporate taxes, their eyes start to glaze over, but here’s why it’s important for you: when TCJA cut the corporate rate, companies invested in their employees in massive numbers. You probably remember the headlines in 2018 – in the aftermath of the tax cuts, nearly every major employer across the nation raised wages, gave sizable bonuses to their workers, and re-invested their savings from the tax cuts in their people.
At the end of the day, the most important asset to any business is the people. That’s why companies large and small took their savings from TCJA and gave it back to their employees.
Americans were experiencing relief from income tax cuts as well as the boon of corporate tax cuts. The harsh reality is that when these provisions expire in 2025, it’s hardworking Americans who will feel the pain of added taxes as well as the burden on their employers.
If nothing happens, you can expect to pay about $3,000 more on your tax bill every year.
This is what’s truly at stake in our election this November.
I spent this summer traveling across the state of Oklahoma, meeting with community and business leaders to discuss how these expiring tax cuts will impact communities across the state. As a member of the House Committee on Ways and Means, the committee with jurisdiction over the tax code, this issue has been my top priority both in Washington and in Oklahoma.
Our goal is to make permanent the tax cuts that help American families and fix anything in the tax code that might need tweaks.
Kamala Harris’ agenda would crush American businesses and workers alike with higher taxes and reckless spending, driving up costs and pushing good jobs overseas. Her plan is simple: tax more, spend more, and leave hard-working Americans with less.
Donald Trump, as the original champion of the Tax Cuts and Jobs Act, wants to see these provisions extended and amplified. He wants to make TCJA permanent, giving businesses some consistency and reliability in the tax code, putting more money in your pocket, and encouraging growth and investment across the country.
Four years ago, Americans thrived under President Trump’s economic policies. A second Trump term is our chance to stop the reckless agenda of Joe Biden and Kamala Harris and get our country back on track.
Oklahoma deserves consistent, principled leadership focused on keeping more money in your pockets. That’s what I’m fighting for in Washington.
The stakes couldn’t be higher this fall. We must return Donald Trump to the White House and elect a conservative majority in both the House and the Senate to help President Trump enact his agenda and provide permanent tax relief to the American people.