Congresswoman Claudia Tenney (NY-24) released the following statement underscoring the importance of maintaining the tax cuts introduced under the Tax Cuts and Jobs Act (TCJA), commonly known as the Trump Tax Cuts.
In 2017, with Tenney’s strong support, Republicans enacted the TCJA which reduced taxes on middle-income families and small businesses and created nearly five million domestic jobs in just the two years after its passage. In 2022, Tenney supported the TCJA Permanency Act to make permanent the tax cuts for individuals and small businesses originally enacted as part of the Tax Cuts and Jobs Act (TCJA) of 2017.
However, these tax cuts are set to expire on December 31, 2025, which could mean significant tax increases for the 440,200 taxpayers in New York's 24th District. The average taxpayer in NY-24 could face a 25% tax hike if the cuts are not extended. A family of four with a median income of $69,878 in NY-24 would experience a $1,373 tax increase, equivalent to about seven weeks' worth of groceries for a typical family.
Impact on NY-24 by the Numbers:
78,990 families would see their Child Tax Credit cut in half.
92% of taxpayers would see their Standard Deduction reduced by nearly 50%.
40,720 small businesses would pay an effective 43.4% tax rate if the 199A Qualified Business Income Deduction expires.
14,827 taxpayers would be affected by the return of the individual Alternative Minimum Tax.
The current death tax exemption will be cut in half, affecting 6,804 family-owned farms in NY-24.
"Since its passage in 2017, the Tax Cuts and Jobs Act has delivered financially for families, small businesses, and hardworking Americans across the country," said Congresswoman Tenney. "Millions of Americans have seen their tax burdens reduced, but if these cuts expire, hardworking families in our community could face a 25% tax hike. We must preserve the TCJA provisions that have provided much-needed relief to taxpayers in New York. As a strong advocate for pro-growth policies, I will continue working to ensure the benefits of the Trump Tax Cuts remain in place for future generations."
