Tax Reduction Needed 2-15-25

Tax Reductions have produced increases in Tax Revenue. It worked with the Reagan Tax Cuts in the 1980s and the Trump Tax Cuts in 2017. Art Laffer theorized that lower income tax bracket rates would result in more federal revenue. Reagan noted that he limited the number of movie roles he would accept to 1 movie per year, because he had to pay over half of what his second movie would pay in Taxes. Laffer compared the lowering of the highest bracket from 70% to 35% and accurately predicted the revenue increase. It is called the Laffer Curve. He proved it again with Trump’s lowering the top rate to 21%. 

Moving the Corporate tax from 21% to 15% is necessary to allow manufacturing to return to the US and increase middle-class jobs. The 15% corporate tax should allow US companies to raise wages to accommodate the systemic effects of the cumulative inflation we faced from 2021-2024.

The US should be able to produce everything it consumes. This removes transportation costs and creates more US jobs. Other countries are beginning to follow Trump’s example.

Raising the Standard Exemptions for IRS-1040 by 20% to off-set cumulative inflation from 2021-2024 is needed to restore affordability for lower income families. This has not been mentioned as a goal of the Trump Agenda for 2025, but it should be. The Standard Exemption for a couple filing jointly in 2024 is 29.200, for Head of Household its 21.900 and for Single Filers its $14,600

This is the amount taxpayers can choose to deduct from their taxable income.

Tas Exemption             2024       2025 120%

Married Jointly          $29.200       $35.040

Head of Household    $21.900     $26,280

Single Filer                 $14,600     $17,520 

This would help many lower income US taxpayers.

The US Congress is working on Border Laws, Energy Policies and Tax Cuts. Energy costs will be lowered by increasing the production of oil and natural gas.

Job Growth for US Citizens requires the removal of all illegals from the US who were not vetted from 2021 to 2025. Reducing the Corporate Tax rate from 21% to 15% will allow companies to raise wages and US household incomes.  A 20% increase in the Standard Exemption would lower Taxes Owed.

A US reduction for lower earners is needed.

If 10.5 million illegals are deported in 2025 over the next 10 months, it would require removing 1 million per month. If the US requires all employers to use E-Verify to ensure that only US citizens will fill those job openings, US citizens can fill these jobs.

Agricultural jobs are likely to continue to go to H-2A immigrant visa holders. In 2023, the number of H-2A Visa holders was 310,000. These are seasonal jobs Legal Immigrants have taken for decades to harvest crops that cannot be harvested by machines.

Norb Leahy, Dunwoody GA Tea Party Leader