A new survey conducted by YouGov for the libertarian think tank Cato Institute has found that more than 80% of Americans say they can’t afford to pay higher taxes if the 2017 Tax Cuts and Jobs Act’s (TCJA’s) temporary tax provisions are allowed to expire at the end of 2025. Over half of the respondents initially didn’t know TCJA cuts were temporary. But once informed that they could expire and that the average household’s taxes would increase $1,000 to $2,000 a year, 85% said they wanted Congress to make the cuts permanent or extend them temporarily. Respondents also strongly favor a simpler tax code with fewer deductions.
Our Blog 