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Commenter at Ways and Means meeting warns of $4.6 trillion in potential tax hikes if 2017 cuts expire
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Summary
At a Ways and Means: House Committee meeting held at a state fair, a public commenter said the 2017 Tax Cuts and Jobs Act has supported businesses, families and farms and warned that its expiration could trigger about $4.6 trillion in tax increases by the end of next year, citing business investments, wage increases and job growth tied to the law.
A commenter at the Ways and Means: House Committee meeting at the state fair warned that Americans face about $4,600,000,000,000 in tax increases if provisions of the 2017 Tax Cuts and Jobs Act expire at the end of next year.
The commenter said the 2017 law has helped local businesses and families: "Because of these policies, we've been able not only to maintain our business, but provide great living, health benefits, and soon expanded child care for our employees and in our community," they said. The speaker added that their family used tax savings for "therapies and doctor's appointments" for their children.
The comment provided specific economic claims about the law's local effects. The speaker said lower tax rates enabled a roughly "$2,000,000,000 in permanent wage increase," expansion of the firm's supply chain with "100 new warehouses" and creation of "over 18,000 new jobs." The speaker also framed risks to agriculture, saying, "97% of farms are family owned in The United States" and warning that changes to tax provisions would "decimat[e] what helped build the strong American farm economies we know today."
The remarks were offered as testimony or public comment during the committee's session; no formal motion, vote or committee action on those statements is recorded in the transcript. The transcript attributes the remarks to a single unidentified commenter who described business, family and farm impacts tied to the Tax Cuts and Jobs Act.
The committee record in the transcript shows no formal decision or directive resulting from the comments. The statements summarize how this speaker connects the 2017 law to business investment, compensation and job growth and express concern about the potential effects if those provisions lapse.
Details provided in the remarks (dollar amounts, counts of warehouses and jobs, and the 97% farms statistic) were offered by the commenter in support of the view that letting the TCJA provisions expire would have significant economic effects; the transcript does not record committee verification of those numbers.
