by Phil Kerpen
Except from Cagle:
A lot of taxpayers are being happily surprised with larger than expected refunds this filing season thanks to President Trump’s Big Beautiful Tax Bill, which included working-class tax cuts like no tax on tips, no tax on overtime, an expanded seniors deduction, and larger child credits.
Filers who don’t fall in those categories may be under the mistaken impression the bill didn’t do much for them. But the biggest benefit to all taxpayers – whether they benefited from the new tax cuts or not – was the Big Beauty’s cancellation of the largest tax increase in history, which was slated to occur January 1, 2026. That $4 trillion tax bomb would have raised taxes on nearly every family and business in America, likely sending the economy into a tailspin. Canceling it was a major accomplishment that should not be overlooked.
Republicans are reaping less political benefit than they deserve for this achievement in part because they are victims of their own success. If the tax debate had gone down to the wire in December, the impending tax hike would felt like a much more imminent economic threat. But it was canceled on July 4 with little drama, preventing it from ever coming into clear focus for more voters. But it is worth noting that every Democrat in Congress voted repeatedly to allow the tax hike to occur, without any alternative proposal to shield even middle- or lower-income taxpayers from the economic fallout.
If Democrats had succeeded in stopping the bill, the average American household would have seen their tax bill jump by thousands of dollars at the start of this year.
Read more at Cagle.com.