Support the Extension of the Tax Cuts and Jobs Act
Contact Your Congressional Representatives
The Tax Cuts and Jobs Act (TCJA), passed in 2017, is a law that lowered taxes for most Americans and businesses. Here’s how it helps you and your community:
- Lower Taxes for Individuals: The TCJA reduced tax rates for many people, meaning you get to keep more of your hard-earned money.
- Bigger Standard Deduction: It nearly doubled the standard deduction, making it easier for most people to file their taxes and reducing how much they owe.
- Child Tax Credit: Families with children benefit from a larger child tax credit, which provides additional relief during tax time.
- Help for Small Businesses: Many small businesses can now deduct more of their earnings, allowing them to invest in growth, hire more employees, and support the local economy.
- Job Creation: By lowering corporate taxes, the TCJA helped create jobs and bring more business investments to the U.S.
Why Does It Matter for Wyoming?
- Since January 2021, rising costs and reckless spending have added $31,786, or $1,148 per month, to the average Wyoming family’s burden.
- If the TCJA expires, the average Wyoming family’s federal tax bill will increase by $4,254, with $1,861 of that coming from income tax rate hikes alone.
- Small businesses will also face higher taxes, which could hurt the local economy. Wyoming is home to 16,883 pass-through entities and 4,551 traditional C-corporations, which employ a combined 180,669 residents. The expiration of the TCJA will raise taxes on these businesses by an average of $2,231 each.
- The loss of the TCJA’s pro-growth provisions could also cost Wyoming 1,900 jobs, slowing economic growth and impacting livelihoods.
The tax cuts for individuals are set to expire in 2025. If Congress doesn’t act, many families and businesses could face higher taxes, which would slow economic progress.
Extending the TCJA means more savings for families and businesses, helping to keep the Wyoming economy strong.