A Tax Storm Is on the Horizon, Unless Congress Takes Action

The Tax Cuts and Jobs Act of 2017 (TCJA) was the most significant pro-growth tax reform measure in recent years. Taxpayers in Iowa, whether individuals or small business owners, benefited greatly from the tax relief and reforms as a result of the TCJA. However, effective policymakers failed to make the TCJA permanent and key provisions are scheduled to sunset starting in 2025. These provisions, unless renewed or made permanent, will result in significant tax increases. Further, the tax increases will harm the national economy, which is already on shaky ground.