If Congress does not extend the provisions of the 2017 Tax Cuts and Jobs Act, tax increases will impact most Americans, according to the National Taxpayers Union Foundation report. Massachusetts, Washington and California will face the largest tax increases, with annual hikes of $4,848, $4,567 and $3,768, respectively, as reported.
The report states that 62% of Americans would see an average tax increase of $2,955 if the Tax Cuts and Jobs Act expires.
Joseph Bishop-Henchman warned of higher tax bills and detrimental effects on state economies if Congress fails to act by the end of 2025.
