New Hampshire Democrats Will Raise Your Taxes
Salem, NH - Granite Solutions Chairman, State Representative Joe Sweeney, released the following statement regarding Democrat calls to repeal the Trump Tax Cuts of 2017 and all that it would mean for taxes:
"Here's what it means when Democrats like Maggie Goodlander and Colin Van Ostern say they'll "repeal the Trump Tax Cuts". Granite Staters who can't afford increased Democrat spending won't be able to afford their tax-hikes, either."
A partial list of Goodlander-Van Ostern Tax Hikes:
Individual Income Tax Rates: Repealing the Trump Tax Cuts would result in higher income tax rates across all brackets. This means that individuals and families would see a direct increase in the percentage of their income that goes to federal taxes.
Child Tax Credit: The Trump Tax Cuts doubled the Child Tax Credit from $1,000 to $2,000 per child. Repealing the cuts would reduce the credit back to $1,000, effectively increasing taxes on families with children.
Standard Deduction: The Trump Tax Cuts nearly doubled the standard deduction, which would be reduced if repealed. This change would result in higher taxable income for individuals and families, increasing their tax burden.
Small Business Taxes: The 20% deduction for pass-through business income would be eliminated, increasing the tax burden on small business owners and entrepreneurs.
Estate Tax: The exemption threshold for the estate tax was significantly raised under the Trump Tax Cuts. Repealing the cuts would lower this threshold, subjecting more estates to higher taxes upon inheritance.
Corporate Income Tax Rate: The corporate tax rate was lowered from 35% to 21%. Repealing the Trump Tax Cuts would raise the rate back up, leading to increased taxes on businesses, which could result in lower wages and job losses.
Capital Gains Tax: The Trump Tax Cuts maintained favorable rates for capital gains. Repealing these cuts could lead to higher taxes on investment income, affecting retirees, investors, and anyone with a 401(k) or IRA.
Alternative Minimum Tax (AMT): The Trump Tax Cuts raised the exemption levels for the AMT, reducing its impact. Repealing the cuts would lower these exemptions, increasing the likelihood that more taxpayers would have to pay the AMT.
Medical Expense Deduction: The threshold for deducting medical expenses was temporarily lowered under the Trump Tax Cuts, making it easier for people with high medical costs to get tax relief. Repealing the cuts would raise this threshold back to a higher percentage of income.
Mortgage Interest Deduction: The deduction for mortgage interest was capped at $750,000 of mortgage debt under the Trump Tax Cuts. Repealing the cuts would reduce this cap further, increasing taxes for homeowners.
Charitable Contribution Deductions: The Trump Tax Cuts raised the limit on cash charitable contributions that could be deducted. Repealing the cuts would lower this limit, potentially reducing the incentive for charitable giving and increasing the tax burden on philanthropists.